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November 28, 2010

AADB investigates PwC’s Connaught audit

An investigation has begun into PwC’s audit of now-defunct English social housing provider Connaught.

PwC and some members of the Institute of Chartered Accountants in England and Wales will be investigated in relation to the events leading up to Connaught being placed into administration.

The Accountancy and Actuarial discipline board (AADB) said the scope of the investigation will cover “the preparation, approval and audit of the financial statements of Connaught and subsidiaries for the year ended 31st August 2009 and the preparation and approval of the interim financial statements for the six months ended 28th February 2010.”

PwC said it will co-operate fully with the investigation.

The firm began auditing Connaught’s accounts in 2006, taking over from KPMG.

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