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PwC faces investigation over RSM Tenon audit

PricewaterhouseCoopers is facing an investigation by the Accountancy & Actuarial Discipline Board following a row over the auditing of RSM Tenon, according to The Times.

In January, RSM Tenon announced its chairman Bob Morton and chief executive Andy Raynor were stepping down and the firm was reviewing its financial reporting. It said this review may lead to restatements of its accounts to June 30, 2011 as a prior-year adjustment as well as to incur “non-recurring, non-cash charges” in the six months to December 31, 2011, that were not included in additional expectations.

The information emerged during due diligence carried out by another auditing firm as part of a potential takeover by private equity firm HgCapital in the second half of last year, according to The Times.

HgCapital initially made a 43p-a-share cash offer, valuing Tenon at £140m. however, after bringing in Deloitte to conduct due diligence, it “completely lost confidence in Tenon’s historic and current financial statements together with Tenon’s ability to forecast its future finances”, says The Times report.

PwC was fined £1.4m and reprimanded by the Accountancy & Actuarial Discipline Board in January for failing to notice billions of dollars of client funds had not been properly ringfenced by US bank JP Morgan Chase.

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