An influential group of MPs have called on the accountancy watchdog to consider widening its investigation into PwC’s auditing practices after slapping the firm with a record fine.
The work and pensions select committee has written to the Financial Reporting Council (FRC) demanding an explanation as to why it imposed sanctions on PwC over the auditing of BHS accounts before it was sold by Sir Philip Green for £1.
The FRC confirmed on Tuesday that it had taken action in relation to the BHS audit for the year to Aug 30 2014 following a two-year investigation.
Former PwC partner Steve Denison was fined half a million pounds by the FRC, while the accountancy giant was hit with a £10m penalty.
Both...