Watchdog probes PWC audit of shopping centre owner Intu Properties
>
Watchdog questions PWC about its audit of collapsed mall owner Intu Properties
Probe: The FRC has launched an investigation into PWC’s audits of Intu’s accounts for 2017 and 2018
PwC is under investigation by the accounting regulator due to the audit of Intu Properties, the owner of the mall that went into receivership in 2020.
The Financial Reporting Council has launched an investigation into the Big Four auditors’ audits of Intu’s 2017 and 2018 accounts.
The FRC is examining all of its work in signing off the accounts of Babcock, Wyelands Bank, London Capital & Finance and Eddie Stobart Logistics.
The accountant, whose partners received a record average profit share of more than £1 million each last year, was fined twice in one day last June when he was ordered to pay £5 million for shortcomings at construction and outsourcing firms Kier and Galliford Try.
Intu, which owns the Trafford Center in Manchester and Lakeside in Essex, was once the largest owner of a shopping center in the UK, reaching a market value of £4.9 billion in early 2015.