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December 19, 2011

PwC faces investigation over Barclay’s audit

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 period.

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.

 

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