MPs have called on the accountancy regulator to consider investigating PricewaterhouseCoopers’ auditing of Sir Philip Green’s wider retail empire, after the firm was hit with a record fine over the handling of BHS under his ownership. The Financial Reporting Council confirmed late on Tuesday that PwC had been handed a record £6.5m fine, reduced from £10m after it agreed to settle and admitted misconduct. Steve Denison, one of the firm’s senior accountants who audited BHS’s accounts ahead of its sale for £1 a year before the department store chain collapsed, is separately facing a 15-year ban and record personal fine of £325,000 from the industry watchdog. The fine was reduced from £500,000 after Denison admitted misconduct. The Commons work and pensions committee, which carried out an investigation into the demise of the department store in 2016, is pressing the FRC on whether further investigation and wider sanctions are called for. It has asked whether the FRC will investigate PwC’s audit of the accounts of Taveta, the Sir Philip Green-led former parent company of BHS that sold the department store to the former bankrupt Dominic Chappell in 2015. Taveta controls Arcadia Group, which includes Topshop, Dorothy Perkins and Burton. Frank Field… Read full this story
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