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FRC fines PwC £2.3m

01 September 2016

The FRC has agreed a settlement over PwC’s audit of Cattles plc and Welcome Financial Services Limited.

PwC and Simon Bradburn have both admitted their conduct fell short of what was expected over its audit of the two companies.

PwC agreed to a £3.5m fine, reduced to £2.3m after mitigation and a settlement discount. A sum of £750,000 will also be paid as a contribution to the Executive Counsel’s cost. It also issued a severe reprimand.

Bradburn, the then audit engagement partner, has fined £120,000, reduced to £75,600 and also given a severe reprimand.

The FRC’s Executive Counsel, Gareth Rees QC, said: “The substantial fines imposed in this case reflect the seriousness of the audit failings in relation to the critical area of impairment provisioning in a sub-prime lender and will send a strong signal to the audit community of the importance of upholding high standards of professional conduct in audit work.”

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