PwC probed in au­dit scan­dal

The Star Early Edition - - BUSINESS REPORT | INTERNATIONAL -

THE UK FI­NAN­CIAL Re­port­ing Coun­cil opened an in­ves­ti­ga­tion into Price­wa­ter­house­Coop­ers’ (PwC’s) au­dits of BT Group over three years, fol­low­ing an ac­count­ing scan­dal in the car­rier’s Ital­ian unit that led to a write-down of £530 mil­lion (R8.85 bil­lion). The re­view will cover fis­cal years end­ing in March 2015 to 2017, the coun­cil said yes­ter­day. The ac­tion is de­signed to in­ves­ti­gate and sanc­tion breaches of au­dit­ing re­quire­ments. A gov­ern­ment in­ves­ti­ga­tion could help clar­ify PwC’s role in the mat­ter and de­ter­mine where over­sight fell short in BT’s Ital­ian unit. BT said this month it would re­place PwC with KPMG fol­low­ing the dis­cov­ery of years of al­legedly false trans­ac­tions. BT was al­ready plan­ning to change au­di­tors within the next few years. – Bloomberg

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