Regulation
FCA fines PwC £15m over LCF audit
It comes as the audit regulator said that PwC encountered ‘significant issues’ throughout their 2016 audit of LCF
The FCA has fined PwC £15m after it failed to alert the regulator of its belief that London Capital and Finance (LCF) was engaging in fraudulent activity.It comes as the audit regulator said that PwC encountered “significant issues” throughout its 2016 audit of LCF. It said that LCF’s actions, and PwC’s own work on the audit, led PwC to suspect that LCF might be involved in fraudulent activity and PwC was “duty bound” to report those suspicions to the FCA as soon as possible, but they failed to do so.
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