PwC set to retain Future audit
PricewaterhouseCoopers has kept its role as auditor of accounts of The Future Network despite the company overstating its results earlier this year, according to a report in The Times.
The error affected the group’s operating profits from the last three years, although cash balances remained unaffected.
Errors totalling £4.2m since 1998 were uncovered by a Deloitte & Touche investigation in October and shortly afterwards £1bn was wiped off Future’s stock market value.
According to the report, Future may now seek compensation from PwC for the years 1998 and 1999, although the Big Five firm is expected to continue auditing the accounts.