PricewaterhouseCoopers (PwC) is being investigated by the Financial Reporting Council (FRC), which is questioning the Big Four accountancy firm's independence during an audit.
The FRC has launched an investigation under the Accountancy Scheme into whether PwC was independent when it conducted an audit of The Berkeley Group Holdings plc's financial statements for the year ended 30 April 2012, as a result of a former partner joining the board.
Berkeley is a British housebuilding company based in Cobham, Surrey. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
The FRC is also currently investigating accountant Grant Thorton in relation to two seperate cases.
One involves Grant Thornton as auditors of Vimto maker Nichols, into whether the accountant was independent when it conducted the audits of Nichols' financial statements for the years ended 31 December 2011 and 2012.
The second investigation into Grant Thornton is in relation to work carried out for Manchester Building Society.
This investigation, begun under the Accountancy Scheme, is into the accounting and auditing of interest rate swap arrangements which gave rise to a prior period adjustment in the Manchester Building Society's financial statements for the year ended 31 December 2012.
The decision to investigate Grant Thornton follows information received from the Prudential Regulation Authority in relation to the conduct of the auditors at the time, Grant Thornton.
£92bn transferred since 2015
Achievements, charity work and other happy snippets
Since first announcement