PwC Fined £5 Million for Shoddy Audits at Two Construction Firms

PricewaterhouseCoopers was fined almost £5 million pounds ($6.22 million) for a series of poor audits of two UK construction companies, as the regulator continued to crack down on audit failings by the Big Four.

PwC will pay £3 million in relation to its audits of Galliford Try Plc, and £1.96 million over a review of Kier Group Plc, the Financial Reporting Council said Tuesday. It was also ordered to report on its most modern audits that considered long-term contracts, the FRC said.