The U.K. Financial Reporting Council (FRC) on Monday announced the launch of a new investigation into Big Four audit firm PwC over its statutory audits of British defense contractor Babcock International Group, which took a massive write-down last year.

Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...