The U.K. Financial Reporting Council (FRC) announced it closed its investigation into Big Four firm PwC’s audit work at collapsed real estate investment trust Intu Properties.
In January, the regulator launched its probe into PwC’s audits of Intu’s financial statements for the years ended December 2017 and 2018.
The probe was dropped after the FRC found “the relevant person(s) should no longer be liable for enforcement action,” it said in a press release Tuesday.
“We are pleased the investigation has closed without sanction,” said PwC in an emailed statement. “We remain committed to delivering high-quality audits.”
Intu owned multiple large shopping centers across the United Kingdom. The company entered administration in June 2020 after its already struggling business was exacerbated by retailers delaying their rent payments because of the financial impacts of the early months of the Covid-19 pandemic.