free web site hit counter

Accounting watchdog fines PwC over audits of defence firm Babcock


ig four auditing firm PwC has been fined £5.62 million by the Financial Reporting Council (FRC) after the regulator identified “numerous, serious breaches” in its audit of the 2017 and 2018 accounts of the defence group Babcock.

Two former audit partners were also sanctioned.

The fine follows an investigation concerning long-term contracts that made up around 25% of Babcock’s revenue.

The FRC said PwC failed to challenge Babcock’s management in auditing these accounts and showed “a lack of competence, care or diligence”.

As an example of the failings, it said that there was “no evidence” PwC had read a contract that was worth £3 billion over the course of its 30-year term.

Read More

FRC deputy executive counsel Claudia Mortimore said: “The quality of these audits fell far short of the standards expected of statutory auditors. Of particular concern is the lack of scepticism applied and the failures to follow some basic audit requirements.”

The FRC said it is still investigating PwC’s audits of Babcock’s 2019 and 2020 accounts.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Stream TV Pro News - Stream TV Pro World - Stream TV Pro Sports - Stream TV Pro Entertainment - Stream TV Pro Games - Stream TV Pro Real Free Instagram Followers PayPal Gift Card Generator Free Paypal Gift Cards Generator Free Discord Nitro Codes Free Fire Diamond Free Fire Diamonds Generator Clash of Clans Generator Roblox free Robux Free Robux PUBG Mobile Generator Free Robux 8 Ball Pool Brawl Stars Generator Apple Gift Card Best Android Apps, Games, Accessories, and Tips Free V Bucks Generator 2022 Free-Fire Free-Fire Free-Fire Free-Fire Free-Fire Free-Fire Free-Fire Free-Fire Free-Fire Free-Fire Roblox Roblox Roblox Roblox Roblox Roblox Roblox Roblox Roblox