PwC has been fined £1.8 million by the financial regulator
(Picture: Getty Images)The UK’s regulator the Financial Reporting Council (FCR) has fined PwC £1.8 million for the way it handled auditing of FTSE 100 telecoms company BT.
The fine was cut from £2.5 million after PwC held its hands up to the failure in its proceedings. The accounting anomalies amounted to £512 million. PwC had failed to present sufficient or solid audit evidence after discovering the fraud in BT’s Italian operations during its 2017 audit of the firm.
