UK Accounting Watchdog Launches Probe into PWC's WH Smith Audit for 2024
Overview of the Investigation
Background and Initiation of the Probe
June 9 (Reuters) - The UK's accounting regulator said on Tuesday it had launched an investigation into PricewaterhouseCoopers' financial audit of travel retailer WH Smith for the financial year ended August 2024.
Regulatory Bodies Involved
The probe will be conducted by the Financial Reporting Council's (FRC) enforcement division under the audit enforcement procedure, the regulator said.
Related Investigations and Context
Existing FCA Probe
The investigation comes on top of an existing probe into the airport outlet operator by the financial regulator FCA for potential breaches of listing and disclosure rules, launched in December.
Responses from Involved Parties
PWC's Statement
"We will be fully cooperating with the FRC's investigation," a PWC spokesperson said in an emailed response to Reuters.
WH Smith's Response
WH Smith did not immediately respond to Reuters request for comment.
Reporting Credits
(Reporting by Prerna Bedi and Tuhina in Bengaluru; Editing by Mrigank Dhaniwala and Subhranshu Sahu)
