PwC fined total of £5m over Galliford Try and Kier audits

Accounting firm failed to adequately scrutinise long-term contracts at construction companies, says FRC

PricewaterhouseCoopers has received penalties totalling 5m for failures in its audit of the construction firms Galliford Try and Kier, in the latest fines imposed on a big four" accounting firm.

The Financial Reporting Council, the accounting watchdog, also imposed a 136,000 fine on the head of PwC's construction division and issued severe reprimands to PwC, which it said had failed to adequately scrutinise long-term contracts at both builders, among other failings. It ordered the firm to review its audit work of listed companies that rely on long-term contracts.