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Violation Tracker UK Individual Case

Company: PricewaterhouseCoopers LLP
Current Parent CompanyPricewaterhouseCoopers
Parent at the Time of the Penalty Announcement: PricewaterhouseCoopers
Penalty: £5,625,000
Year: 2023
Date: 8 March, 2023
Offence Group: financial offences
Offence Type: accounting fraud or deficiencies
Violation Description: PwC agreed to pay a £7.5 million fine (reduced by 25% for early settlement) and costs of £733,236 in settlement of a finding by the FRC that it and two former audit partners made serious breaches of standards in the audits of Babcock International Group plc and Devonport Royal Dockyard Limited with repeated failures to challenge management and obtain sufficient appropriate evidence, reflecting a general reluctance to challenge management across those parts of the audits and examples of a failure to follow basic audit requirements, evidencing a lack of competence, care or diligence.
Settlement Type: settlement of FRC Decision
Agency: Financial Reporting Council
HQ Country of Parent: United Kingdom
Ownership Structure of Parent: privately held
Major Industry of Parent: business services
Specific Industry of Parent: accounting services
Source of Data(click here)