PwC’s $5.8 Million Fine Gives Fresh Ammunition to Audit Critics
- Fines reflect seriousness and extent of the breach, says FRC
- Competition watchdog has called for split of big audit firms
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PricewaterhouseCoopers was fined 4.55 million pounds ($5.8 million) by the U.K.’s accounting watchdog over failings in its handling of technology firm Redcentric Plc, giving fresh ammunition to critics calling for a breakup of the so-called Big Four auditing firms.