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June 29, 2017

FRC open investigation into BT Group audits carried out by PwC

By Stephanie Wix

The Financial Reporting Council (FRC) has begun an investigation into the audits that PwC has carried out on the consolidated financial statements of BT Group plc (BT) for the years ending 31 March 2015 to 2017 inclusive.

The investigation under the Audit Enforcement Procedure has been conducted following the completion of initial enquiries in relation to the accounting scandal in BT’s Italian division.

A PwC spokesperson stated that an investigation does not mean there is an assumption of blame and that in many cases an FRC investigation will establish that there is not a case to answer.

A PwC statement said: “The regulator has a duty to investigate where they believe there is a public interest, in order to give confidence to the financial markets. Audit quality is of paramount importance to the firm and we will continue to co-operate fully with the FRC in its enquiries. The FRC’s annual reviews of our audit work, policies and procedures have shown a continued trend of improvement in our work."

The investigations are being conducted by the Executive Counsel and the Enforcement division.

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