PricewaterhouseCoopers was fined almost $6.22 million (£5 million pounds) for a series of poor audits of two UK construction companies, as the regulator continued to crack down on audit failings by the Big Four.
PwC will pay $3.75 million (£3 million) in relation to its audits of Galliford Try Plc, and around $2.45 million (£1.96 million) over a review of Kier Group Plc, the Financial Reporting Council said Tuesday.
For the latest headlines, follow our Google News channel online or via the app.
It was also ordered to report on its most modern audits that considered long-term contracts, the FRC said.
The UK is bringing in sweeping audit reforms aimed at reining in the dominance of the largest accountancy firms and cleaning up the industry following a string of high-profile scandals.
The breaches “concern failures to properly audit revenue recognized under specific complex long-term contracts,” said Claudia Mortimore, the FRC’s deputy executive counsel.
“We are sorry that aspects of our work were not of the required standard,” PwC said in a statement.
The auditor said it’s “invested heavily” in a program to strengthen audit quality, including those on long term contracts and has “seen the positive impact of the actions we’ve taken.”
Read more:
Abu Dhabi’s Mubadala, EQT fund agree to by Sweden’s Envirotainer
Somali foreign minister suspended over charcoal export to Oman breaking UN sanctions
Lebanon recovery plan includes central bank debt write-off, haircuts to depositors
