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July 25, 2017

PwC under regulatory scrutiny in the UK and Ukraine

The UK Financial Reporting Council (FRC) has extended its investigation into PwC’s audit of Redcentric as it now will be looking into the conduct of an unnamed individual as well as the firm.

The UK FRC started its investigation into PwC’s audit work for the financial years ended 31 March and 2016 in February of this year, after Redcentric’s audit committee uncovered “misstated accounting balances”.

This week, PwC has also been in the regulatory spotlight in Ukraine as it was banned from performing audit work there. Ukraine central bank removed PwC form its register after having uncovered misrepresented financial statements at PrivatBank, the country’s leading retail and commercial bank. PwC audited the bank from 2007 to 2015.

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