Jun 29, 2017

PwC under audit investigation after BT Italia scandal

PwC is being investigated by the UK's accountancy watchdog over its audits of BT following a scandal in the Italian division of the telecoms group. In a brief statement, the FRC said the decision to launch an investigation was prompted by "Announcements by BT in relation to accounting issues in its Italian operations". In May the FRC fined PwC a record £5m for "Misconduct" in relation to the audit of Connaught, a FTSE 250 social housing maintenance group put into administration in 2010, and last year it was ordered to pay £3m in fines and costs for its audit of Cattles, a collapsed financial services group. PwC had also faced an investigation over an accounting scandal at UK retailer Tesco. BT said: "We note the FRC's announcement that it has commenced an investigation into the audits by PwC. It would be inappropriate for us to comment further at this stage."

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