{"id":140305,"date":"2018-06-12T22:18:54","date_gmt":"2018-06-12T22:18:54","guid":{"rendered":"http:\/\/freeonlinetranslators.net\/news\/english\/pwc-fined-millions-over-bhs-audit\/"},"modified":"2018-06-12T22:18:54","modified_gmt":"2018-06-12T22:18:54","slug":"pwc-fined-millions-over-bhs-audit","status":"publish","type":"post","link":"https:\/\/freeonlinetranslators.net\/news\/english\/pwc-fined-millions-over-bhs-audit\/","title":{"rendered":"PwC fined millions over BHS audit"},"content":{"rendered":"<figure>                                  <img decoding=\"async\" alt=\"Closed BHS store\" src=\"https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/9AEB\/production\/_101995693_bhsstore.jpg\"\/>Image copyright                  Getty Images                                                    <\/figure>\n<p class=\"caps\">Audit giant PwC and partner Steve Dennison have been fined for signing off the accounts of BHS as a going concern before its sale for \u00a31 in 2015.<\/p>\n<p>Regulator the Financial Reporting Council (FRC) said both had admitted &quot;misconduct&quot;.<\/p>\n<p>PwC said there were &quot;serious shortcomings with this audit work&quot;.<\/p>\n<p>The collapse of BHS in April 2016 led to the loss of 11,000 jobs and a pension deficit of \u00a3571m.<\/p>\n<p>The regulator fined PwC \u00a310m, reduced to \u00a36.5m for early settlement.<\/p>\n<p>Partner Steve Dennison was fined \u00a3500,000, reduced to \u00a3325,000 for settling early.<\/p>\n<p>Mr Denison will also be struck from a register of auditors and cannot reapply to be reinstated for 15 years, effectively ending his career.<\/p>\n<p>PwC said: &quot;We are sorry that our work fell well below the professional standards expected of us and that we demand of ourselves.&quot;<\/p>\n<p>&quot;At its core this is not a failure in our audit methodology, the methodology simply was not followed.&quot;<\/p>\n<p>It said that the audit failings &quot;did not contribute to the collapse of BHS over one year later&quot;.<\/p>\n<p>PwC added that it had overhauled its monitoring procedures.<\/p>\n<p>Mr Denison left the audit firm this month after nearly 33 years there.<\/p>\n<h2>Serial bankrupt<\/h2>\n<p>The failure of BHS was the biggest collapse in the British retail industry since the demise of Woolworths in 2008.<\/p>\n<p>It prompted intense scrutiny. Politicians investigated how Sir Philip Green had been able to sell the business, with a large pension deficit, to a company run by Dominic Chappell, a serial bankrupt with no retail experience.<\/p>\n<p>BHS&#039;s pension deficit had ballooned to \u00a3571m by the time the retailer went into administration in April 2016 - a figure based on what an insurance company would pay if it were to buy out the funds.<\/p>\n<p>Last year, Sir Philip paid \u00a3363m to BHS&#039;s pension schemes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image copyright Getty Images Audit giant PwC and partner Steve Dennison have been fined for signing off the accounts of BHS as a going concern before its sale for \u00a31<\/p>\n","protected":false},"author":1,"featured_media":140306,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-140305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english"],"_links":{"self":[{"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/posts\/140305","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/comments?post=140305"}],"version-history":[{"count":0,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/posts\/140305\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/media\/140306"}],"wp:attachment":[{"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/media?parent=140305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/categories?post=140305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/tags?post=140305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}