A Big Four accountancy firm failed to challenge “very optimistic” management assumptions about the future of BHS in an audit months before Sir Philip Green sold the department store chain for £1.
In a damning indictment of PWC and Steve Denison, its senior audit partner, the accountancy watchdog said an assumption that the chain’s like-for-like sales would rise by 6.7% in 2015 was never questioned.
This was despite the fact that retail sales fell 2.6% between 2012 and 2014 and were down 1.8% by January 2015, three months before the audit was finished.
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