PwC fined UK£1.75m for audit failings over BT Italy fraud

The British accountancy regulator, the Financial Reporting Council, has fined PricewaterhouseCoopers (PwC) UK£1.75 million (US$2.11 million) and PwC partner Richard Hughes UK£42,000 (US$50,681) for failings in auditing UK£513 million (US$619 million) in adjustments that telecoms giant BT made in its 2017 accounts to allow for a massive fraud discovered in Italy in July 2016.

By Sara Lewis

The British accountancy regulator, the Financial Reporting Council (FRC), has fined PricewaterhouseCoopers (PwC) UK£1.75 million (US$2.11 million) and PwC partner Richard Hughes UK£42,000 (US$50,681) for failings in auditing UK£513 million (US$619 million) in adjustments that telecoms giant BT made in its 2017 accounts to allow for a massive fraud discovered in Italy in July 2016.