23 December 2014
The Financial Reporting Council (FRC) has announced that it is investigating PwC in connection to the firm’s work with Barclays.
In particular, the investigation will look into PwC’ role as Barclay’s’ auditors in reporting to the FSA on the bank’s compliance with the FSA’s client asset rules for the years ended 31 December 2007 to 31 December 2011. The investigation will be carried out under the Accountancy Scheme.
The FRC states that its decision to investigate follows the FCA Final Notice on Barclays Bank plc published on 23 September 2014.
Governance + Compliance covered the FCA’s action in this matter, which saw Barclays fined £38 million for putting £16.5 billion of client assets at risk.
This is the second investigation the firm has been hit with by the FRC in the space of 24 hours – the regulator also announced an investigation into PwC’s auditing of Tesco’s financial statements on 22 December 2014.