MPs expected to question auditors PwC over BHS collapse

MPs expected to question auditors PwC over BHS collapse

PwC and Deloitte set to appear befor BIS committee to answer quetions over BHS, The Sunday Times reports

BHS auditors PwC are set to be called up in front of MPs as part of the ongoing probe into the collapse of the retail chain that threatens 11,000 jobs and potentially saddles the taxpayer with plugging a £571m pension blackhole.

The firm is set to be joined by fellow Big Four outfit Deloitte as well as several other professional services firms, including Linklaters, Nabarro and Goldman Sachs, according The  Sunday Times.

According to the newspaper, they have all been tasked with reporting to the Business, Innovation and Skills committee on their take on the collapse of the high street retailer.

The committee is already examining the BHS sale and acquisition in a joint hearing with the work and pensions committee, using evidence from the Pensions Regulator and Pension Protection Fund.

The firms join under-fire billionaire Sir Philip Green – who sold it to Retail Acquisitions’ Dominic Chappell for £1 – both of whom have been called to give evidence on the matter to the politicians.

In a separate development, the Mail on Sunday said Grant Thornton were paid £4.4m for 13 months work for Retail Acquisitions.

Administrator Duff & Phelps are believed to be on the cusp of announcing new owners this week.

Accounting watchdog the FRC has come under pressure to launch an investigation into the directors and advisers involved in the sale of BHS to Retail Acquisitions in 2015.

In a letter to FRC chief executive Stephen Haddrill, Business, Innovation and Skills (BIS) select committee member Richard Fuller urged the FRC to investigate those involved with the transaction shortly before the retail chain collapsed into administration.

 

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