PwC, Partners Fined Almost £5M For IT Co. Audit Failings

Law360, London (June 13, 2019, 1:16 PM BST) -- Britain’s accounting watchdog said Thursday that it has hit PricewaterhouseCoopers LLP and two partners with £4.83 million ($6.1 million) in fines for “numerous” breaches that showed “a serious lack of competence” during their audit of a British provider of IT services.

PwC was fined £4.55 million and partners Jaskamal Sarai and Arif Ahmad were handed penalties of £140,000 each for failings in the company's statutory audits of Redcentric PLC, which is listed on London's Alternative Investment Market, for the financial years ending March 2015 and 2016, the Financial Reporting Council said.

The regulator also handed the Big Four accounting company and...

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