FRC fines PwC, auditor combined $4.1M over 2019 work of Wyelands Bank
By 
Jeff Dale2025-03-27T13:11:00
The U.K. Financial Reporting Council (FRC) issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.
PwC and Jonathan Hinchliffe, a former statutory auditor at the firm, will pay 2.9 million pounds (U.S. $3.7 million) and £33,000 (U.S. $43,000), respectively, the FRC said in a press release Tuesday. PwC and Hinchliffe allegedly failed to account for lending and exposure risks after the bank’s acquisition by the Gupta Family Group (GFG) Alliance, the largest client of collapsed Greensill Capital.
“The audit breaches in this case highlight the importance for auditors to have a full understanding of the audited entity and its business,” said Claudia Mortimore, deputy executive counsel at the FRC, in the release. “This is particularly important where there has been a change of ownership and change in the nature and scale of activities.”
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