The Financial Reporting Council (FRC) has slammed former BHS auditor PwC for “incomplete, inaccurate and misleading” statements about its ability to continue after Sir Philip Green sold the chain.
The FRC said PwC should have concluded “that a material uncertainty existed” about BHS’s ability to survive outside parent company Taveta Investments, The Sunday Times reports.
The report makes eight allegations against Steve Denison, the partner in charge of auditing Taveta and BHS, and PwC. The FRC has already fined PwC £6.5m. It has fined Denison £500,000 and given him a 15-year ban.