PWC was auditor of Barclays throughout the period of 2007 to 2011 when client assets were being put at risk, according to the Financial Conduct Authority Philip Toscano/PAPWC, Britain’s biggest audit firm, has been cleared of serious wrongdoing for failing to spot that £16.5 billion of client assets at Barclays were being put at risk. The Financial Reporting Council (FRC) said it had closed its investigation into PWC as there was no realistic prospect of an adverse finding if the case went to a tribunal. The announcement comes days after the accountancy watchdog cleared KPMG over its decision to give HBOS a clean bill of audit health only eight months before that bank collapsed. It also reignited concern about the issue of conflicts of interest at the FRC. Three of its directors are former PWC partners, while its executive counsel has just jumped…

Source: The Times October 05, 2017 23:02 UTC