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Italian scandal prompts FRC audit probe

29 June 2017

The FRC has said following initial enquires it has now commenced a formal investigation into the audit of the financial statements of BT Group plc.

The investigation covers PwC’s audit of the group from 2015 to 2017 and relates to the scandal in the telecom’s Italian division.

Earlier this year BT was forced to write down the value of its Italian unit by £530m, because of 10-years of “inappropriate behaviour”.

Big Four rival KPMG replaced PwC as BT’s auditor in June.

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