British FRC Probing Greensill & Wyelands Auditors Saffery & PwC
Britain's accounting regulator the Financial Reporting Council has opened investigations into the audits of Greensill Capital and Wyelands Bank as regulatory scrutiny of the companies intensifies. The Financial Reporting Council has commenced an investigation into Saffery Champness in relation to its audit of the financial statements of Greensill Capital (UK) Limited for the year ended 31 December 2019. The Financial Reporting Council has commenced an investigation into PwC LLP in relation to its audit of the consolidated financial statements of Wyelands Bank plc for the year ended 30 April 2019. The investigations will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.
PwC said that it is understandable that there is regulatory scrutiny in situations like this. It said "We will cooperate fully with the FRC in its enquiries. We share the FRC's commitment to audit quality and are two years into a wide-ranging programme to enhance audit quality across the firm.”
Saffery Champness said it would not be appropriate to comment at this time given its duty of confidentiality to present and former clients, but it is cooperating fully with the FRC. It said "Audit quality is an absolute priority for Saffery Champness and we are committed to upholding the high professional standards our clients rightly expect.”