PwC fined $5.8 million over audit of Redcentric

PwC fined $5.8 million over audit of Redcentric

The logo of of accounting firm PricewaterhouseCoopers (PwC) is seen on a board at the St. Petersburg International Economic Forum (SPIEF), Russia, June 6, 2019. REUTERS/Maxim Shemetov

LONDON (Reuters) – Britain’s accounting watchdog said on Thursday it has fined PwC 4.55 million pounds ($5.8 million) over its auditing of IT services company Redcentric.

The Financial Reporting Council said it has also required that PwC, one of the world’s “Big Four” accounting firms, supplement the monitoring and support of its audit practice in the northern English city of Leeds.

Two partners, Jaskamal Sarai and Arif Ahmad, were fined 140,000 pounds each.

All fines were discounted to reflect an early settlement of the case.

Reporting by Huw Jones, editing by Sinead Cruise

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