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PwC gets UK fine for audit lapses over fraud in BT's Italian unit

By Phoebe Seers ( August 8, 2022, 12:10 GMT | Insight) -- Auditor PricewaterhouseCoopers has been fined 1.75 million pounds over failures in an audit of BT Group relating to a fraud at its Italian unit that led to a debt adjustment of more than 500 million pounds. The Financial Reporting Council said the Big Four auditor failed to deal with the fraud in the group's 2017 audit with sufficient professional skepticism, failed to collect proper evidence and failed to properly determine whether the company had appropriately adjusted its accounting estimates.Auditor PricewaterhouseCoopers has been fined 1.75 million pounds ($2.1 million) by the UK sector regulator over failures in an audit of BT Group relating to a fraud at its Italian unit. ...

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