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PwC hit with £5m fine over company audit misconduct


Reprimand: The PwC logo

Reprimand: The PwC logo


Reprimand: The PwC logo

The accountancy watchdog has slapped PwC with a £5m fine for misconduct in relation to its 2009 audit of Connaught.

The Financial Reporting Council (FRC) said that PwC and Stephen Harrison, a retired audit partner at the firm who was fined £150,000, had been "severely reprimanded" following an investigation.

The reprimands relate to PwC's audit of Connaught, a FTSE 250 company that went into administration in 2010.

The charge relates to areas of mobilisation costs, long-term contracts and intangible assets.

PwC was ordered to pay the FRC's legal costs and to make an interim payment on account of £1.5m.