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News brief: PwC UK fined £5m for misconduct

The UK Financial Reporting Council (FRC) has fined PwC UK and its former audit partner Stephen Harrisson, £ 5m and £150,000 respectively for misconduct in relation to the 2009 audit of Connaught plc, a FTSE 250 company which went into administration in 2010.

PwC were also ordered to pay the Executive Counsel’s costs and to make an interim payment on account of £1.5 million.

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