PwC and dodgy accounting probes....
...nope new one on me.
UK regulator probes PwC over BT's Italian accountancy scandal
The UK's Financial Reporting Council (FRC) is to investigate PwC's audits of BT, following an accountancy scandal at the telecom firm's Italian unit. The accountancy regulator will probe PwC's consolidated financial statements of BT Group for the years ended 31 March 2015 to 2017, in the wake of the scandal which forced a …
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Thursday 29th June 2017 18:24 GMT Steve K
An auditor's role is NOT to spot fraud.
An auditor's role is NOT to specifically spot fraud but they might find it in the course of their work.
Their role is to give an opinion on whether the financial statements give a "true and fair" view (I.e. Not materially mis-stated) and comply with the relevant reporting standards (e.g. IFRS).
If fraud is perpetrated by senior management in collusion then they are unlikely to find it in the course of their audit work, and their opinion may therefore be proved incorrect subsequently.
That does not mean that an auditor cannot give an incorrect opinion through incompetence, but they can be taken in by fraud too.
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Thursday 29th June 2017 14:54 GMT Aristotles slow and dimwitted horse
This isn't fu**king playschool...
"The FRC’s annual reviews of our audit work, policies and procedures show a continued trend of improvement in our work"
PwC in my experience are useless; and this statement does not build confidence. It sounds more like the closing comment on a bad end of year school report from a company whose ugly head continues to rear itself whenever the smoke of financial impropriety wafts past.
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Biting the hand that feeds IT
