PwC, ex-partner Denison fined over audit of UK’s BHS

LONDON: PricewaterhouseCoopers (PwC), which audited the accounts of collapsed British retail chain BHS, has been fined £10 million (Dh49.2 million; $13.4 million) and ordered to review all policies for handling high-risk firms after a two-year inquiry in which it admitted misconduct, the UK’s Financial Reporting Council (FRC) said on Wednesday.

The fine is to be reduced by 35 per cent to £6.5 million for agreeing to an early settlement, the FRC said. In addition, Steve Denison — one of the company’s former partners, has been fined £500,000, reduced to £325,000 in return for his cooperation with the inquiry.

Denison, who was also banned from audit work for 15 years, left PwC this month after a nearly 33-year career there, according to his LinkedIn profile. He did not immediately respond when contacted via LinkedIn. (Reuters)