PwC hit with RSM Tenon probe

Professional services firm PwC faces an investigation from the accounting regulator over its handling of RSM Tenon Group’s 2010 and 2011 audits, the Financial Reporting Council announced yesterday. The Accountancy and Actuarial Discipline Board will probe the conduct of PwC and other members of the Institute of Chartered Accountants in England and Wales (ICAEW) over their “preparation, approval and audit of the financial statements of RSM”. The AADB also plans to look at PwC’s handling of RSM’s London Stock Exchange listing. “We will be cooperating fully with the AADB investigation. We will be vigorously defending our audits and other work carried out for RSM Tenon Group,” said PwC in a statement.