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Banned BHS auditor criticised for 'inadequate' report

The senior auditor who signed off collapsed retailer BHS’s accounts days before its sale spent just two hours compiling his report, Sky News reports.

Sky News has obtained an email written by Kevin Ellis, the UK‎ chairman of PricewaterhouseCoopers (PwC), which catalogues failings by Steve Denison, who had been responsible for auditing BHS and Arcadia parent company Taveta Investments.

The audit was described as ‘inadequate.’ Mistakes included backdating his opinion that BHS was a going concern by three days and making a “false statement on the audit file relating to the circumstances of the backdating”.

Ellis also said Denison had heaped too much of the work onto a junior staff member and only clocked in two hours of work during the completion stage of the report.

PwC was hit with a record fine of £10m last week for failings over BHS before its controversial sale by Sir Philip Green.


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