Concerns have been raised about the role of auditors PricewaterhouseCoopers (PwC) after financial uncertainties arose at accountancy and advisory group RSM Tenon.
According to the Sunday Times, PwC gave Tenon a clean bill of health just months before a suspected "black hole" appeared in the company's finances. Tenon's independent directors expressed concern over lax book-keeping in the summer, and urged PwC to leave "no stone unturned" when analysing the company's accounts. Despite the warning, it signed off accounts in September in which Tenon posted full-year profits of £27.1m, a rise of 12%. The news last week that the group would have to restate its half-year figures saw its share price fall by 28%. Chief executive Andy Raynor and chairm...
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