PracticeAccounting FirmsNo legal action against PwC for Rock audit

No legal action against PwC for Rock audit

PricewaterhouseCoopers will not be dragged through the courts by management of Northern Rock after forensic probe

PricewaterhouseCoopers will not face legal action for its audit of Northern
Rock, the troubled bank’s top brass has announced.

Earlier this year, Northern Rock commissioned a probe into PwC’s audit of the
bank and on the findings of KPMG Forensic decided not to drag the auditors
through the courts on a negligence claim. There were insufficent grounds to take
the former directors of the bank to court, Northern Rock added.

Northern Rock said in a
statement
to the City: ‘A review of the conduct of the previous board in respect of
funding and liquidity has been undertaken with the assistance of external
advisors, Freshfields and KPMG Forensic.

The board has concluded that there are insufficient grounds to proceed with
any legal action for negligence against the former directors, and has no
intention of bringing any such action. The board has also completed a similar
review in respect of the company’s auditors and has determined that no action is
warranted.’

Related Articles

KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

2m Alia Shoaib, Reporter
Top 50+50: Firms fall short on diversity

Accounting Firms Top 50+50: Firms fall short on diversity

2m Alia Shoaib, Reporter
PwC’s five strategic priorities for becoming ‘the leading professional services firm’

Accounting Firms PwC’s five strategic priorities for becoming ‘the leading professional services firm’

3m Emma Smith, Managing Editor
FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

Accounting Firms FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

3m Emma Smith, Managing Editor
PwC publishes 12.8% BAME pay gap

Accounting Firms PwC publishes 12.8% BAME pay gap

3m Emma Smith, Managing Editor
PwC to audit BBC pay policies following gender pay gap outrage

Accounting Firms PwC to audit BBC pay policies following gender pay gap outrage

3m Alia Shoaib, Reporter
PwC to take over from Deloitte as Diploma auditor

Accounting Firms PwC to take over from Deloitte as Diploma auditor

3m Alia Shoaib, Reporter