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Business News

PwC is investigated over its auditing of Barclays Capital


One of the big four accountancy firms, PricewaterhouseCoopers, was yesterday put under investigation by the profession's disciplinary board over its role as auditor to Barclays Capital.

It is the second time this year that PwC, led by chairman Ian Powell, pictured, has been referred to the Accountancy & Actuarial Discipline Board following huge fines levied on its investment banking clients.

The referral follows the£1.2m fine on BarCap by the Financial Services Authority this year for mixing its own and clients' money over eight years. Investment banks have strict rules which require them to keep customers' money separate from their capital.

The investigation will probe whether PwC'sreports to the FSA complied with the regulator's rules.

A PwC spokesman said: "We will bedefending our work vigorously."

PwC was also referred over its role in auditing JPMorgan.