Pwc Is Fined Pounds 1.5m Over Transtec Audit
Evening Standard - London › December 14, 2006
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Summary
TOP accountant Pricewaterhouse-Coopers has been hit with the second-largest financial penalties in the history of the profession for a catalogue of abject audit failures that led to the collapse of TransTec, the engineering company once headed by Labour grandee Geoffrey Robinson.
The accountant was found guilty of allowing "the sort of financial manipulation which gives accountancy a bad name". Fines and costs totalling Pounds 1.5 million laid down by the chartered accountants' Joint Disciplinary Tribunal are the biggest since the Robert Maxwell scandal when PwC's predecessor firm Coopers Lybrand was hit with fines and costs of Pounds 3.3 million.See the full content of this document
Extract
Pwc Is Fined Pounds 1.5m Over Transtec Audit
The penalties for the audit failures at TransTec mean PwC and its predecessor firms have been implicated in the bigg...
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