Home / Corporate Crime

Legal News

FRC announces sanctions against PwC LLP and audit partner

Copyright © 2025 LexisNexis

Published on: 29 June 2023

Published by LNB News

LNB News 29/06/2023

Document Information

Issue Date: 29 June 2023

Published Date: 29 June 2023

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Financial Reporting Council (FRC) has announced sanctions against PricewaterhouseCoopers LLP (PwC) and Audit Engagement Partner, Philip Storer, relating to the statutory audit of financial statements of Eddie Stobart Logistics Plc (ESL) for the financial year ending 30 November 2018. A sanction of £3.5m was imposed against PwC, adjusted and discounted to £1,990,625 for exceptional cooperation, admissions and early disposal. A sanction of £90,000 was imposed against Storer, adjusted and discounted to £51,187.50 for exceptional cooperation, admissions and early disposal.

Popular documents

Priority between loss reliefs in loss making companies

Priority between loss reliefs in loss making companiesWhy does it matter?A company that is a member of a group and has incurred any of the types of losses available for surrender by way of group relief may, without any further rules, have more than one way in which to use the loss. There are a

What is the difference between an appeal and a review?

What is the difference between an appeal and a review?What is an appeal?An appeal in insolvency proceedings is no different to an appeal in normal litigation. An appeal will be allowed only if the appeal court is satisfied that the decision of the lower court was 'wrong' or 'unjust because of a

If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal

If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal fees, will that count as a PET against their estate?A disclaimer is the refusal of a gift prior to acceptance. The refusal of the gift must take place before the beneficiary accepts any benefit

Contributory negligence in personal injury claims

Contributory negligence in personal injury claimsContributory negligence is a partial defence which can lead to a discount in damages.Other defences may also be relevant. See Practice Notes: Did the claimant consent to the risk of injury? and Was the claimant involved in an illegal activity?If a