The United Kingdom's Financial Reporting Council (FRC) announced on Monday that it is fining PricewaterhouseCoopers LLP (PwC) £1.75 million. The watchdog decided the accounting firm failed to properly conduct the audit of telecoms operator BT Italy in 2017.
BT Italy was suspected of fraud in its financial statements for the financial year ended 31 March 2017 and was subsequently audited by PwC. The FRC stated that PwC did not approach the audit "with the necessary professional skepticism" and that it "failed to adequately document their audit work across the entirety" of the case.
