PricewaterhouseCoopers (PwC) has been fined £1.75m by the accounting watchdog over its audit work for BT carried out in the wake of fraud in the telecoms giant’s Italian operations in 2016.
The Financial Reporting Council (FRC) also fined audit partner Richard Hughes £42,000 over the work.
Both PwC and Hughes admitted breaches of the rules in relation to their audits of the financial impact disclosed by BT over the Italian fraud affair. As well as the fines, they were both issued with severe reprimands by the FRC.
