PwC to be Investigated over Barclays Audit

PwC IS being investigated over its conduct when auditing Barclays Capital Securities, a body of the Financial Reporting Council has announced.

The Accountancy and Actuarial Discipline Board (AADB) is investigation the Big Four firm regarding its compliance with Financial Services Authority client asset rules, which govern the protection of client money.

The investigation will cover: "The conduct of PwC in relation to the preparation of reports to the FSA in respect of Barclays Capital Securities Limited's compliance with the FSA's Client Asset Rules for the periods from 1st December 2001 to 29th December 2009," an AADB statement said.

The AADB decided to investigate following consultation with the ICAEW, it added.