SumSung SumSung SumSung
Matooke Republic
Sunday, September 14, 2025
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
Matooke Republic
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
No Result
View All Result
Matooke Republic
No Result
View All Result

PwC slapped with £10m fine, partner banned for 15 years

Alex Taremwa by Alex Taremwa
June 14, 2018
in Business, Featured Stories, Money
Reading Time: 1 min read
Share on FacebookShare on Twitter

The partner at PwC, Steve Denison, who signed off on the accounts of BHS has been banned from the profession for 15 years. The Financial Reporting Council (FRC), the UK regulator, also slapped PwC with a fine of £10m for misconduct.

Denison admitted misconduct over the 2014 audit of BHS and the Taveta Group, which controls Topshop. In 2015, he signed off the BHS accounts as a going concern, just days before it was sold for £1.

RELATED POSTS

Foundation for growth: I&M Bank’s support powers Challenger Uganda’s expansion

Kabira Country Club expansion in full swing as photos reveal major progress

BHS collapsed in 2016 with the loss of 11,000 jobs and a pension deficit of £571m.

As well as banning Denison, the Financial Reporting Council UK, fined him £325,000. The FRC said both had admitted “misconduct”.

PwC admitted that there were “serious shortcomings with Denison’s audit work”.

“We are sorry that our work fell well below the professional standards expected of us and that we demand of ourselves,” the company said. It said however, that the audit failings “did not contribute to the collapse of BHS”.

The failure of BHS was the biggest collapse in the British retail industry since the demise of Woolworths in 2008. BHS’s pension deficit had ballooned to £571m by the time the retailer went into administration in April 2016.

Related

Tags: BHSFinancial Reporting CouncilPwcSteve Denison
Share1Tweet1Send
Alex Taremwa

Alex Taremwa

Founder of The Workshop Uganda

Related Posts

PwC, KPMG and Deloitte cited as conflicted and unfit to audit BoU in Crane Bank sale

by Matooke Republic
7 years ago

...

Next Post

Jyotsna Ruparelia listed among Indian women achievers in the Middle East and Africa

Erias Lukwago, the Kampala Lord Mayor, bargain for entry to see his client Betty Nambooze at the Special Operations Unit in Kireka. Photo by Cliff Wamala

Opposition politicians snub budget reading to stand with embattled Mukono MP Betty Nambooze

RECOMMENDED

Celestine Nsanzuwera.

Rwanda’s Nsanzuwera takes charge as Johnnie Walker Uganda Professionals Open Golf Championship heads into final round

September 13, 2025
Nduhira Peter Arinaitwe, Managing Director of Challenger Uganda Limited, speaking on the Tukikube ne I&M Bank podcast.

Foundation for growth: I&M Bank’s support powers Challenger Uganda’s expansion

September 13, 2025
  • 642 Followers
  • 23.9k Followers

MOST VIEWED

  • Uganda vs Senegal: CAF reduces online ticket purchases per person ahead of quarter-final clash this Saturday

    577 shares
    Share 231 Tweet 144
  • How to buy tickets for CHAN 2024 matches in Uganda

    556 shares
    Share 222 Tweet 139
  • FULL LIST: Winners and Losers in the NRM CEC Elections

    146 shares
    Share 58 Tweet 37
  • Jose Chameleone’s wife Daniella Atim files for divorce over desertion and emotional neglect; Seeks custody of five children and ownership of Sseguku matrimonial home

    86 shares
    Share 34 Tweet 22
  • UPDF Assistant Chief of Defence Intelligence found dead

    71 shares
    Share 28 Tweet 18
Matooke Republic

Uganda's only free Newspaper. Out every Thursday. Freshly peeled info. kiwatule, Kampala, Uganda.

  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos

© Matooke Republic 2024

© Matooke Republic 2024

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.