PwC face investigation over JP Morgan audit

PwC’s audit of JP Morgan may be investigated after the firm failed to spot
that £16bn of client funds was placed into the wrong bank accounts, the Daily
Telegraph reports.

The Financial Services Authority has referred the case to the Financial
Reporting Council and the ICAEW, which could take up the issue with PwC.

JP Morgan received a £33.3m by the FSA – the largest fine handed out by the

An FRC spokesman told the Telegraph it was “liaising closely with the FSA and
will consider whether any action needs to be taken”.

A spokesman for the ICEAW said he was “not aware of any kind of investigation

Further reading:

faces threat of audit inquiry

Related reading