PwC cleared by FRC after Intu audit probe

The Financial Reporting Council has officially closed its investigation into PwC’s audit work for property group Intu. 

The investigation was in relation to the audits conducted by the firm of the consolidated financial statements of Intu Properties for the years ended 31 December 2017 and 31 December 2018.

The investigation was opened on 24 January 2023 under the Audit Enforcement Procedure, following a decision by the FRC’s Conduct Committee.

In accordance with Rule 146 of the AEP, the watchdog said it has “decided in the circumstances of this case that the relevant person(s) should no longer be liable for enforcement action” and that “accordingly, the case has been closed”.

Intu, which operated 17 shopping centres including the Trafford Centre in Manchester and Lakeside in Essex, filed for administration during the pandemic after failing to win a delay to payments on its £4.5bn debt pile.