PwC slapped with multi-million fine for audit failures at FTSE 100 firm Babcock

PwC slapped with multi-million fine for audit failures at FTSE 100 firm Babcock

Big Four giant PwC and a former partner have been fined over £5.5m for the audit failures of London-listed engineering giant Babcock International. The Financial Reporting Council (FRC) issued disciplinary action against the firm and its audit partner, John Waters, following numerous serious audit breaches during the financial years 2019 and 2020 audits of the group that handles critical UK government and defence contracts. Waters resigned from …

FRC fines PwC and audit partner over Babcock audit failures

The UK’s Financial Reporting Council (FRC) has imposed sanctions on PricewaterhouseCoopers (PwC) and audit engagement partner John Waters for lapses in the audits of defence contractor Babcock’s financial statements for 2019 and 2020. The FRC’s executive counsel issued a final settlement decision notice under the audit enforcement procedure, concluding its investigation into the work carried out on those two years’ accounts. PwC has been fined £…

PwC and UK partner hit with £3M fine over Babcock audit

The sanctions were tied to audits of the engineering service provider and government contractor's financial statements for the 2019 and 2020 fiscal years.

FRC fines PwC and partner £3.3m over Babcock audits

Babcock is a major UK government contractor that manages critical defence infrastructure. Read the full story at Accountancy Today.