Construction News

11/05/2017

PwC Fined £5m For Misconduct Over Connaught Audit

PwC has been prosecuted for misconduct in relation to the 2009 audit of former property services contractor, Connaught.

The accountancy firm has been fined £5 million, while retired PwC audit partner Stephen Harrison has been fined £150,000. PwC were also ordered to pay £1.5m in costs.

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The fines were handed down following a Financial Reporting Council (FRC) investigation and a 12 day hearing.

The independent tribunal unveiled findings of misconduct in relation to three areas of audit; mobilisation costs, long term contracts and intangible assets.

Connaught ran into financial trouble in 2010 following a string of loss-making service contracts that the company entered into with local authorities and housing associations.

(LM)

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