FRC scraps investigation into PwC’s Berkeley Group audit
FRC ends probe into PwC's independence when it conducted the audit of house building company Berkeley Group Holdings
THE UK ACCOUNTANCY WATCHDOG has scrapped its investigation into PwC’s work as auditor of Berkeley Group Holdings.
PwC’s independence was scrutinised by the FRC during the period the it conducted the audit of house building company Berkeley Group Holdings for the year ended 30 April 2012 – after a former PwC partner joined Berkeley’s board.
The FRC said the investigation, which Accountancy Age understands related to the appointment of PwC’s former UK vice-chairman Glyn Barker as a non-executive director on 3 January 2012, has now been closed and no further action will be taken.
Accountancy Age understands the investigation was into the independent feedback role that Barker held when at PwC and whether Barker was in the “chain of command” by receiving feedback from Berkeley.
PwC, which was replaced by KPMG as Berkeley’s auditors in December last year, said it “cooperated fully” with the FRC and was “pleased that, having investigated the matter, the FRC has closed it without any further action”.
Yesterday, the FRC launched a formal investigation into Baker Tilly’s audit of electric vehicle specialist Tanfield Group.