PwC slapped with £4.5m fine over ‘lack of competence’ in audit work

Britain’s accounting watchdog has slapped PwC with a £4.55 million fine for failing to challenge management at IT management firm Redcentric, where a £15 million black hole was later uncovered in its books.

The Financial Reporting Council (FRC) handed the Big Four auditing firm the fine after it showed a “serious lack of competence” in its audit work for the firm.

It said that partners at the firm Jaskamal Sarai and Arif Ahmad committed a number of policy breaches relating to their “failure to exercise professional scepticism”.

The two partners were each…
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