PwC fined £5.1 million by UK FRC over RSM Tenon audit – 16th August 2017
The Financial Reporting Council has fined auditor PricewaterhouseCoopers LLP £5.1 million and issued it with a severe reprimand after it admitted misconduct over its audit of collapsed accounting firm RSM Tenon. The accounting regulator said PwC and Nicholas Boden, an audit partner, had admitted a series of failures when they signed off on RSM Tenon’s accounts for the financial year ended June 2011. “The admitted acts of misconduct include failures to obtain sufficient appropriate audit evidence and failures to exercise sufficient professional scepticism,” the FRC said in a statement. RSM Tenon, which was listed on the London stock market, collapsed into administration in 2013 and its assets were taken over by rival Baker Tilly.
Alexander Robson, Regulatory Intelligence