PricewaterhouseCoopers has received penalties totalling £5m for failures in its audit of the construction firms Galliford Try and Kier, in the latest fines imposed on a “big four” accounting firm.
The Financial Reporting Council, the accounting watchdog, also imposed a £136,000 fine on the head of PwC’s construction division and issued severe reprimands to PwC, which it said had failed to adequately scrutinise long-term contracts at both builders, among other failings. It ordered the firm to review its audit work of listed companies that rely on long-term contracts.
