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READ MOREPwC fined nearly £1.8m over BT fraud audit failures
PwC has been fined almost £1.8m for failing to properly scrutinise the accounts of telecoms company BT after a £500m accounting fraud had been uncovered at its Italian operation.
The accounting giant failed to act with the “requisite professional scepticism” and did not obtain “sufficient appropriate audit evidence” in its work on BT’s 2017 financial statements, which had to be adjusted by £513m because of the Italian scandal, according to the Financial Reporting Council (FRC).
The UK’s accounting regulator also severely reprimanded PwC, which was paid £4.3m for its work on BT’s accounts, and Richard Hughes, the audit engagement partner at the firm. The FRC fined PwC £1.75m and Hughes £42,000.
Read more at The Guardian
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