Accountancy Watchdog Probes PwC Audit of DGI9's 2023 Results that Were Written Down by 57% a Year Later

Accountancy watchdog probes PwC audit of DGI9's 2023 results that were written down by 57% a year later

The Financial Reporting Council has begun an investigation into the audit by PricewaterhouseCoopers of the 2023 results of Digital 9 Infrastructure (DGI9). DGI9 became a notorious case of over-valuation after its net asset value was more than halved in 2024 by a new board and InfraRed Capital Partners, which replaced Triple Point as fund manager after shareholders voted to wind down the company in March 2024. As we reported last September, a sub…

FRC opens inquiry into PwC’s audit of Digital 9 Infrastructure

The UK’s Financial Reporting Council (FRC) has initiated a formal investigation into PricewaterhouseCoopers’ (PwC) audit of Digital 9 Infrastructure’s consolidated accounts for the year ended 31 December 2023. The inquiry began after the probe was authorised by the regulator’s Conduct Committee. According to an FRC statement, the case has been referred to the FRC’s enforcement division and will proceed under the organisation’s Audit Enforcement …