The Financial Times in January turned a routine letter from the Financial Reporting Council (FRC) to U.K. banks into a scandal, suggesting that it was an attempt to block U.S.-based Goldman Sachs from hiring a smaller accountancy firm in the U.K. to do part of its European audit, but allowing its existing auditor, PwC, to do the rest of it.
A spokesperson at the FRC, however, told Compliance Week that no concerns have been raised with the FRC regarding Goldman Sachs and that the Financial Times was wrong to have suggested this link.
