From www.goingconcern.com: (UK context) PwC has been fined £4.5 million by the Financial Reporting Council, which was reduced to approximately £2.89 million due to the firm’s cooperation during the investigation.

The fine stems from the firm’s failure to adequately assess risks related to related party transactions and going concern during its 2019 audit of Wyelands Bank, which had significant ties to the Gupta Family Group Alliance.

The audit team also neglected concerns raised by the Prudential Regulation Authority, leading to serious audit deficiencies that could have harmed retail depositors.