The accountancy giant PwC and two of its partners have been fined a total of £4.83 million by the audit regulator over a £21 million hole in the books of an IT services company that caused its shares to crash.
The firm has been sanctioned over its auditing of Redcentric, which revealed in November 2016 that an internal review had uncovered misstatements in its accounts. The scandal led to the departure of Tim Coleman, its finance director, and a review that triggered a £20.8 million profits write-down.
The accountancy giant PwC and two of its partners have been fined a total of £4.83 million by the audit regulator over a £21 million hole in the books of an IT services company that caused its shares to crash.
The firm has been sanctioned over its auditing of Redcentric, which revealed in November 2016 that an internal review had uncovered misstatements in its accounts. The scandal led to the departure of Tim Coleman, its finance director, and a review that triggered a £20.8 million profits write-down.
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