Basic Search  |  Summaries  |  Advanced SearchPenalty: £5,000,000
Year: 2017
Date: 11 May, 2017
Offence Group: financial offences
Offence Type: accounting fraud or deficiencies
Violation Description: PwC and a retiredaudit partner, were severely reprimanded and fined £5m and £150,000 respectively for Misconduct in relation to the 2009 audit of Connaught plc, a FTSE 250 company which went into administration in 2010. Following a Financial Reporting Council investigation and a 12 day hearing, the independent Tribunal, chaired by the Rt Hon Sir Stanley Burnton, made findings of Misconduct in relation to three areas of audit: mobilisation costs, long term contracts and intangible assets.
Action Type: agency action
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)