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07 Jun 2010
PwC’s audit of JP Morgan may be investigated after the firm failed to spot that £16bn of client funds was placed into the wrong bank accounts, the Daily Telegraph reports.
The Financial Services Authority has referred the case to the Financial Reporting Council and the ICAEW, which could take up the issue with PwC.
JP Morgan received a £33.3m by the FSA - the largest fine handed out by the FSA.
An FRC spokesman told the Telegraph it was "liaising closely with the FSA and will consider whether any action needs to be taken".
A spokesman for the ICEAW said he was "not aware of any kind of investigation ".
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