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PwC fined by UK audit regulator for Babcock International work

( March 8, 2023, 10:17 GMT | Official Statement) -- MLex Summary: PwC has been fined 7.5 million pounds ($8.9 million) for “serious breaches” in its audit work with aerospace engineer Babcock International. The UK Financial Reporting Council reduced the fine by 25 percent, to just over 5.6 million pounds, because PwC cooperated with the investigation. The regulator found “a number of examples where basic audit requirements were not followed,” including a lack of care and reluctance to challenge.Statement follows. Final settlement notice attached....

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