Accounting firm PwC has been fined a record £5m and severely reprimanded over its auditing of collapsed property services group Connaught by The Financial Reporting Council (FRC).
Social housing specialist Connaught had £220m of debt when it went bust in 2010.
The FRC found evidence of misconduct by PwC and retired partner Stephen Harrison.
Mr Harrison was fined £150,000 and also reprimanded.
PwC was also ordered to pay the FRC’s legal costs and make an interim payment of £1.5m.
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