Jun 5, 2017

PwC Tesco probe shows auditors need to play good cop, bad cop

So Lombard doubts that Monday's decision to close down a two-and-a-half year probe into PwC's auditing of Tesco was marked by a clinking of coffee mugs full of whisky. In May, the FRC did get a result: it fined PwC a record £5m for misconduct in relation to its audit of Connaught, a FTSE 250 maintenance group that went into administration in 2010. In the US, the Public Company Accounting Oversight Board found deficiencies in 12 of the 55 PwC audits it recently checked. Some of the wording of the FRC's statement suggests the PwC Tesco case was different. There is, PwC might argue, not much an auditor can do about that.

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