The UK Accountancy and Actuarial Discipline
Board (AADB will investigate PwC over its audit of Barclays Capital
from 2001 to 2009.
The bank was fined £1.1m by the Financial
Service Authority early this year for mishandling £752m in client
money by mixing clients funds with its own funds over an eight-year
The FRC said PwC will be investigated in
relation to its role in reporting to the FSA on the firm’s
compliance with the FSA’s client asset rules (the CASS Rules),
which govern the protection of client money.
The AADB’s decision to initiate an
investigation was taken following consultation with the Institute
of Chartered Accountants in England and Wales.