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PWC Fined - Welcome Finance...


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Well Theres No Surprise....

 

PwC fined £2.3m over sub-prime lender audit

 

PwC has been fined £2.3m by the Financial Reporting Council (FRC) over its auditing of sub-prime lender Cattles’ biggest division, Welcome Financial Services, in 2007.

 

The FRC carried out a disciplinary case about how PwC and the then audit engagement partner Simon Bradburn mishandled the audit.

 

The council found that PwC had insufficient audit evidence as to the adequacy of the lender’s loan loss provision and had failed to identify the fact that the impairment policy was not adequately disclosed. Disclosures in those financial statements were also not in compliance with IFRS 7 a financial disclosures instrument.

 

 

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**Fko-Filee**

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  • 5 months later...

Hi can you have a look at post no 2 please and the link. There's been a few advancements in my post thanks to all dx has helped and advised with.. But I've come up against a brick wall and would like you to see what my options are here now.

 

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