PWC fined £5m for RSM Tenon audit failings

PWC was initially fined £6m, which has since been reduced to £5.1m after a settlement discount. The accountancy firm also faced a severe reprimand and had to pay £500,000 towards the Financial Reporting Council (FRC), which initially delivered the complaint against it. Boden meanwhile also faced a severe reprimand and a fine of £114,750. As members of The Institute of Chartered Accountants in England and Wales, both the accountancy giant and Boden admitted that their conduct fell significantly short of the standards reasonably expected of them. The misconduct related to financial s...