PwC fined â¹42 crore in largest-ever sanction by UK regulator
Professional services firm PwC has been fined $6.6 million (â¹42 crore) for misconduct related to the audit of UK accounting firm RSM's accounts for year ended June 2011. This is the largest ever sanction issued by UK's accounting regulator Financial Reporting Council. "We are sorry that aspects of the audit...fell short of professional standards," a PwC spokesperson said.