By Michael Susin
The U.K.'s Financial Reporting Council regulator said Monday that it has handed PricewaterhouseCoopers a fine over its accounting audit of BT Group PLC in fiscal 2017.
The regulator said PwC has admitted breaches of requirements regarding athe ccounting adjustments between the current and prior years disclosed by BT for the fiscal year ended March 31, 2017 and failed to adequately document them following the identification of fraud in BT's Italian operations in 2016.
PwC has received a financial sanction of 1.8 million pounds ($2.2 million), a severe reprimand, and a declaration that the audit report did not satisfy the relevant requirements.
PwC didn't immediately respond to a request for comment.
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