Britain's auditing watchdog has imposed a 7.5 million pound ($8.9 million) penalty on PwC for 'serious breaches' found in audits of engineer Babcock International , the regulator said on Wednesday.
The firm also showed a lack of competence, care and diligence, the regulator said, citing one example where it found no evidence the audit team had read a 30-year contract with lifetime revenue of 3 billion pounds written in French.
"We're sorry that the work in question was not of the standard required and that we demand of ourselves," a PwC spokesperson said. "This established an appropriate baseline for the financial performance of the group," a Babcock spokesperson said.
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