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Birmingham Post
Birmingham Post
Business
Andrew Arthur

PwC fined £5.6m over ‘serious breaches’ in audits of defence firm Babcock

Babcock PwC FRC

The accounting regulator has fined PwC £5.6m and sanctioned two of the firm’s former partners over “serious breaches” during its audits of defence giant Babcock.

The Financial Reporting Council (FRC) said on Wednesday (March 8) its investigation concerned audits of Babcock’s 2017 and 2018 financial years, and for its Plymouth-based subsidiary Devonport Royal Dockyard Limited (DRDL) for FY2018.

The FRC said these included seven long-term contracts, comprising around a quarter of Babcock’s group revenue in 2018.

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