On 11 May 2017, the Financial Reporting Council (FRC) announced the imposition of a severe reprimand and a £5 million fine on PwC, and £150,000 fine on a PwC partner, in relation to the 2009 audit of Connaught plc, a FTSE 250 company which went into administration in 2010.
The fine followed a 12 day hearing before the Rt Hon Sir Stanley Burnton, chairing the FRC Disciplinary Tribunal, which made findings of Misconduct in relation to audit mobilisation costs, long term contracts and intangible assets. The fine is the largest ever imposed by the FRC. The FRC announcement can be read here.
Javan Herberg QC appeared for the FRC.