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UK Financial Reporting Council investigates BT Group audits

Staff Writer |
The UK Financial Reporting Council on Thursday said it has commenced an investigation into the audits by PricewaterhouseCoopers LLP of BT Group PLC's consolidated financial statements for between the financial 2015 and 2017 years.

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The FRC said the decision to investigate follows announcements by BT in relation to accounting issues in its Italian operations.

In January, BT revealed accounting issues the company had previously flagged at BT Italy were far more extensive than it had initially indicated, resulting in the overstatement of earnings in its Italian business over a number of years.

Earlier this month, BT dropped PwC as its auditor, replacing it with KPMG.

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