In our monthly roundup of developments in audit and governance, PwC faces Redcentric audit probe, FRC investigates Connaught leak, Standard Life merger leaves audit issue, Radian Capital drops Deloitte for BDO
FRC investigates PwC over issues with Redcentric ‘misstated balances’
The Financial Reporting Council (FRC) is to investigate PwC’s conduct in relation to the audit of Redcentric, the AIM-listed IT managed services provider which revealed it had uncovered ‘misstated accounting balances’ when it reported its interim results for the six months ended 30 September 2016.
The FRC has begun an investigation into the conduct of PwC in relation to the audit of the financial statements of Redcentric for the years ended 31 March 2015 and 31 March 2016. The decision to investigate follows Redcentric’s announcement on 23 December 2016 of the conclusion of an independent investigation into Redcentric’s accounting practices and the consequent restatement of the company’s consolidated financial statements and other financial information relating to those years.
The
