The U.K. Financial Reporting Council (FRC) launched an investigation into PwC’s audit work at collapsed real estate investment trust Intu Properties.
The probe, announced Thursday, is focused on the Big Four firm’s audits of Intu’s financial statements for the years ended December 2017 and 2018. The investigation does not currently relate to any individuals.
The FRC offered no further details on the specifics of its probe.
“We will cooperate fully with the FRC in its inquiries,” said a PwC spokeswoman in an emailed statement. “Delivering consistently high-quality audits remains our primary focus, and we continue to make significant investment in our audit practice.”
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.
Prior to the start of the pandemic, Intu disclosed it had approximately 4.6 billion pounds (U.S. $5.5 billion) worth of debt, according to a report from BBC.