PWC fined £5m for RSM Tenon audit failings

'Conduct fell significantly short'

Hannah Godfrey
clock • 1 min read

PricewaterhouseCoopers (PWC) and senior partner Nicholas Boden have been fined and reprimanded after admitting misconduct in relation to the audit of RSM Tenon's financial statements.

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...

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