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.
The FRC is investigating PwC’s work on Babcock’s financials for the fiscal years ended March 31, 2019, and March 31, 2020. The probe is being conducted by the agency’s Enforcement Division.
