Accountancy Age, Accountancy Age, Monday 7 June 2010 at 09:50:00

ICAEW and FRC may investigate PwC audit

PwC?s audit of JP Morgan may be investigated after the firm failed to spotthat 16bn of client funds was placed into the wrong bank accounts,theDaily Telegraph reports.

The Financial Services Authority has referred the case to the FinancialReporting Council and the ICAEW, which could take up the issue with PwC.

JP Morgan received a 33.3m by the FSA - the largest fine handed out by theFSA.

An FRC spokesman told the Telegraph it was "liaising closely with the FSA andwill consider whether any action needs to be taken".

A spokesman for the ICEAW said he was "not aware of any kind of investigation".

Further reading:

PwCfaces threat of audit inquiry