PracticeAuditFRC investigation launched into PwC’s BHS audit

FRC investigation launched into PwC's BHS audit

The Financial Reporting Council has launched an investigation into the conduct of the Big Four firm in relation to its audit of BHS

PWC’s previous audit work at collapsed retailer BHS is to come under scrutiny by accounting’s watchdog.

The Financial Reporting Council has launched an investigation into the conduct of the Big Four firm in relation to its audit of BHS for the year ending 30 August 2014.

This period leads up to the purchase of BHS by the Dominic Chappell-led Retail Acquisitions group.

BHS entered administration in April, before its liquidation was announced in June by insolvency practitioners from Duff & Phelps. The business has suffered to keep track with the evolving needs and wants of its customer base.

Sir Phillip Green, its former owner, recently told MPs in a joint-BIS/Work and Pensions Committee hearing that advisers – including Grant Thornton, Goldman Sachs and Olswang – should take accountability for effectively vouching for Chappell.

The FRC had been urged by MPs to launch an investigation. The watchdog has also come under pressure to act more decisively as to whether an investigation is required on KPMG’s audit work on HBOS.

Related Articles

KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1w Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

2w Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

3w Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

3w Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

2m Alia Shoaib, Reporter
Deloitte to pay $149.5m over Taylor, Bean & Whitaker audit failure

Audit Deloitte to pay $149.5m over Taylor, Bean & Whitaker audit failure

2m Alia Shoaib, Reporter
Carillion inquiry: missed red flags, aggressive accounting and the pension deficit

Audit Carillion inquiry: missed red flags, aggressive accounting and the pension deficit

2m Alia Shoaib, Reporter
Deloitte’s audits of Hezbollah-linked bank to be examined by Dubai court

Audit Deloitte’s audits of Hezbollah-linked bank to be examined by Dubai court

2m Alia Shoaib, Reporter