Mergers & Acquisitions

PwC fined $5.8 million over audit of Redcentric

Britain's accounting watchdog said on Thursday it has fined PwC 4.55 million pounds ($5.8 million) over its auditing of IT services company Redcentric.

LONDON, June 13 (Reuters) - Britain's accounting watchdog said on Thursday it has fined PwC 4.55 million pounds ($5.8 million) over its auditing of IT services company Redcentric RCN.L.

The Financial Reporting Council said it has also required that PwC, one of the world's "Big Four" accounting firms, supplement the monitoring and support of its audit practice in the northern English city of Leeds.

Two partners, Jaskamal Sarai and Arif Ahmad, were fined 140,000 pounds each.

All fines were discounted to reflect an early settlement of the case.

($1 = 0.7881 pounds)

(Reporting by Huw Jones, editing by Sinead Cruise)

((huw.jones@thomsonreuters.com; +44 207 542 3326; Reuters Messaging: huw.jones.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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