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Record fine for PwC

12 May 2017

PwC and a former partner, Stephen Harrison, have both been fined by the FRC over the audit work of the now defunct social housing maintenance business Connaught.

Both have been severely reprimanded and fined £5m (a record) and £150,000 respectively, for misconduct in relation to the 2009 audit.

Following an FRC investigation and 12-day hearing the independent tribunal made findings of misconduct in relation to three areas of audit: mobilisation costs, long-term contracts and intangible assets.

PwC have been also been ordered to pay the Executive Counsel’s costs and to make an interim payment on account of £1.5m.

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