The Financial Reporting Council has reportedly penalized PricewaterhouseCoopers (PwC), the UK-based professional services network of companies, and former partner, Jonathan Hook, over Kier and Galliford Try audit failures.
According to reports, failures to adequately audit revenues earned under certain complex long-term contracts are at the heart of the violations.
Reports are claiming that a lack of professional skepticism as well as an unsatisfactory challenge to management's assertions led to the supposed failures.
PwC was fined over £3 million ($3.7 million) for failing to adequat