16 Aug 2017
PwC has been handed a record £5.1 million fine for “extensive” misconduct after admitting a litany of failures in its audit of accountancy firm RSM Tenon.
The UK’s Financial Reporting Council said PwC must pay £500,000 in costs and slapped partner Nicholas Boden with a £114,750 fine for his role in the 2011 audit. The initial £6m fine was reduced to £5.1m after a settlement discount, the FRC said.
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