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19 Dec 2011
PwC IS being investigated over its conduct when auditing Barclays Capital Securities, a body of the Financial Reporting Council has announced.
The Accountancy and Actuarial Discipline Board (AADB) is investigation the Big Four firm regarding its compliance with Financial Services Authority client asset rules, which govern the protection of client money.
Further reading
The investigation will cover: "The conduct of PwC in relation to the preparation of reports to the FSA in respect of Barclays Capital Securities Limited's compliance with the FSA's Client Asset Rules for the periods from 1st December 2001 to 29th December 2009," an AADB statement said.
The AADB decided to investigate following consultation with the ICAEW, it added.
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Visitor comments Add your comment
AUDITING
If the audits were carried out correctly using basic principles of checking and ticking, (instead of form filling, sampling rubbish) the banks and tax payers would not be in this mess. The professional bodies must also take their share of the blame. Endless pronouncements, wishy washy audit reports where the auditor is writing a lot but without saying anything.
The profession suffers from a deep sense of inferiority so the professional bodies just blindly hand out monetary fines and admonishments through disciplinary procedures for not doing audits according to their form filling ridiculous pronouncements..
Posted by: JAY, 21 Dec 2011 | 14:24