FIRM CALLED TO ACCOUNT
BT has dumped the company that has checked its accounts since privatisation following anger over an Italian fraud scandal. The telecoms giant yesterday confirmed it was dropping Price water house Coopers as its auditor after 33 years. The contract, worth £15million to PwC last year, has been handed to arch rival KPMG. BT moved a review of its auditor forward amid boardroom fury over PwC’s failure to spot a complex fraud in its Italian arm. BT, which broadcast this year’s Champions League final when Italy’s Juventus lost to Real Madrid, put the cost of the dodgy dealings at £530m. The lid was lifted on the scandal by a whistleblower. BT’s last annual report revealed it wasn’t happy with PwC, highlighting “areas for improvement”. BT said PwC would oversee its accounts for this financial year after which, pending shareholder approval, KPMG would take over.