Company and Financial Law

From yesterday’s announcement by the Accountancy and Actuarial Discipline Board into PwC’s role in RSM Tenon Group plc’s accounting problems:

“The Accountancy and Actuarial Discipline Board (AADB), part of the Financial Reporting Council (FRC) has launched an investigation under its Accountancy Scheme into the conduct of certain members of the Institute of Chartered Accountants in England and Wales (ICAEW), and of PricewaterhouseCoopers LLP as auditors of RSM Tenon Group plc. The scope of the investigation covers:

“The conduct of Members and Member Firms in relation to:

• the preparation, approval and audit of the financial statements of RSM Tenon Group plc and its subsidiary companies for the years ended 30th June 2010 and 2011; and

• the preparation, approval and review of financial information in connection with the admission of RSM Tenon Group plc to the main market of the London Stock Exchange and the acquisition of RSM Bentley Jennison.”

The AADB’s decision to initiate an investigation was taken following consultation with the ICAEW.”

PwC will be needing Margaret Cole’s counsel.

More PwC: Lambs to the slaughter: Former directors of FTSE 250 company fined and banned for publishing misleading information to investors

Even more PwC: PwC receives largest fine ever imposed on a UK accountancy firm

See also: AADB consultation on sanctions for auditors guilty of misconduct

European Commission proposals for reform of the audit market: Big Four firms may have to separate their audit businesses

OFT refers large-firm audit market to the Competition Commission

Posted on 14 August 2012 at 5:40 pm in Regulators, Reporting and accounts   |  RSS feed