PWC FINED GBP1.75 MILLION FOR AUDIT FAILINGS OVER BT ITALY FRAUD
August 30th, 2022
The British accountancy regulator, the Financial Reporting Council (FRC), has fined PricewaterhouseCoopers (PwC) GBP1.75 million (USD2.11 million) and PwC partner, Richard Hughes, GBP42,000 (USD50,681) for failings in auditing GBP513 million (USD619 million) in adjustments that telecoms giant BT made in its 2017 accounts to allow for a massive fraud discovered in Italy in July 2016. In an August 8 final decision notice (1) the FRC said that the scale of the fraud meant that in the FY17 financial statements (covering the year up to March 31, 2017), BT disclosed ...
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