PwC hit by a £5.1m fine over its audit work at collapsed accountants RSM Tenon, just four months after a similar fine over Connaught.
A second £5m fine has hit Big Four accounting firm PwC in four months, issued by the Financial Reporting Council (FRC) over its role as auditor of collapsed fellow accountants RSM Tenon.
PwC and senior statutory auditor Nicholas Boden were fined £6m and £150,000 respectively, and both severely reprimanded after admitting misconduct in relation to the 2011 audit of RSM Tenon.
PwC’s fine was reduced to £5.1m after a settlement discount, and the firm picked up £500,000 in executive counsel costs.
Boden’s fine was reduced to £114,750, after adjustment for mitigating factors and settlement. The firm also picked up a £5m fine in
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