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...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes