RTR: PwC fined $2.5m over Eddie Stobart Logistics audit

REUTERS reports:

Britain’s accounting watchdog said on Thursday it has fined PwC 1.99 million pounds ($2.51 million) for “serious and pervasive” failings in its audit of Eddie Stobart Logistics company for the year to November 2018.

The fine was reduced from 3.5 million pounds due to exceptional cooperation and admissions, the Financial Reporting Council (FRC) said in a statement.

The auditors admitted failings related to property transactions entered into by ESL, audit procedures, and property lease accruals, the watchdog said.

The FRC also fined PwC audit partner Philip Storer 51,187 pounds. He avoided a fine of 90,000 pound fine due to exceptional cooperation and admissions…

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