PwC Fined $6.6 Million in Largest-Ever Penalty From Watchdog
- Auditor fined by U.K. accounting regulator over RSM Tenon
- PwC was fined another $6.4 million in separate case in May
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PricewaterhouseCoopers LLP was fined 5.1 million pounds ($6.6 million) for misconduct over its audit of RSM Tenon Group Plc in the largest-ever sanction issued by the U.K. accounting regulator.
The Financial Reporting Council announced the fine Wednesday, along with penalties against Nicholas Boden, a senior PwC audit partner. The misconduct related to an audit of RSM Tenon’s accounts for the year ended June 2011. RSM Tenon was a professional services firm that went into administration in 2013.