A few month’s ago UK’s Financial Reporting Council (FRC) levied the then largest ever penalty on PWC, for 5 Million Pounds, related to misconduct over its audit of Connaught Plc, a FTSE 250 company that went into administration in 2010.
Now PWC is fined 5.1 Million pounds related to misconduct over its audit of RSM Tenon Group Plc., a professional services firm that went into administration in 2013.
FRC is also investigating PWC’s audit of the BT Group Plc following an accounting scandal in the carrier’s Italian unit.
Definitely a record breaking year for PWC, definitely not the kind the firm is looking for.
