PwC fined £10m over BHS audit failures

The Financial Reporting Council (FRC) has hit PwC with a fine of £10m for misconduct in relation to the 2014 audits of BHS and the Taveta Group, prior to the sale of the high street chain for £1.

The regulator has also fined PwC audit partner Steve Denison £500,000 and barred him from operating as an auditor for 15 years. Denison has been at the Big Four firm for over 30 years and a partner since 1982.

In addition to the penalties, PwC is required to monitor and support its Leeds audit practice and provide detailed annual reports about that practice to the FRC for the next three years.