Formal Complaints against Mr Stephen Harrison and PwC, and Mr Stephen Hill and David Wells relating to Connaught plc
The Financial Reporting Council’s Executive Counsel has delivered two disciplinary Formal Complaints in connection with the conduct of:
- Stephen Harrison (PwC’s Senior Statutory Auditor and Audit Engagement Partner) and PwC in relation to the audit of the financial statements of Connaught plc and its subsidiaries for the year ended 31st August 2009.
The Complaint alleges that Stephen Harrison and PwC failed to act with competence and due care in relation to the audit of the financial statements for the Group, Connaught Partnership Limited (“CPL”) and Connaught Compliance Limited (“CCL”), and that their conduct fell significantly short of the standards reasonably to be expected of a member or member firm of the ICAEW.
- Stephen Hill (Connaught’s Group Financial Director) and David Wells (Deputy Financial Director responsible for the Group’s treasury management) in relation to the preparation and approval of Connaught’s interim financial statements for the six months ended 28th February 2010.
The Complaint alleges that Stephen Hill and David Wells breached the fundamental principle of integrity in relation to the accounting treatment of a short term loan provided by a related party shortly before the half year end, and that their conduct fell significantly short of the standards reasonably to be expected of members of the ICAEW.All Respondents are members (or in the case of PwC, a member firm) of the ICAEW.
