Question to the Department for Business, Energy and Industrial Strategy:
To ask Her Majesty's Government whether they will publish the names of recipients of fines levied upon PWC and its audit partner by the Financial Reporting Council for failures in auditing the statutory accounts of Kier Group plc.
The fine imposed by the Financial Reporting Council against PWC LLP in respect of the audit of the accounts of Kier Group plc was £3.35 million, adjusted for aggravating/mitigating factors and admissions/early disposal to £1,959,750. The fine imposed against the Audit Engagement Partner, Jonathan Hook, was £90,000, adjusted for aggravating/mitigating factors and admissions/early disposal to £52,650.
As the FRC investigation was under the FRC’s Audit Enforcement Procedure, the fines are subject to the requirement in regulation 5(7) of the Statutory Auditors and Third Country Auditors Regulations 2016 that the Financial Reporting Council must pay them to the Secretary of State at BEIS for remittance to the exchequer.