Business · 16 July 2026
PwC fined £3.2m after audit failures in Babcock accounts investigation
The Financial Reporting Council, the UK accounting watchdog, said PwC committed serious breaches while auditing Babcock's 2019 and 2020 accounts, and partner John Waters was fined £59,000. The regulator said PwC did not challenge the company's accounting enough or gather enough audit evidence. PwC said it was sorry the audits fell below expected standards, and its penalties were reduced because it cooperated with the investigation.
Reported by City A.M. · How we write briefs