Yorkshire County Cricket Club stumped over chairman Denison’s role
Yorkshire County Cricket Club has said it will decide an appropriate course of action once it has further details from the body which fined its chairman £500,000 for failings relating to the audit of collapsed retailer BHS.
PwC accountant Steve Denison, who was senior partner of PwC’s northern region, has been the cricket club’s chairman since 2015 and a board member since 2011.
It was reported yesterday that he had agreed with The Financial Reporting Council not to perform any audit work for 15 years due to the auditing of BHS. The FRC also handed down a record fine of £10m to PwC.
Yorkshire County Cricket has now said it will make a decision on Denison’s role once it gets full details from the FRC.
The fines will be reduced by 35% to £6.5m and £325,000 respectively for early settlement. They are the largest ever fines enforced by the FRC, beating the £6m – reduced to £5.1m by a settlement discount – that was also imposed on PwC for its audit of RSM Tenon.
In June 2016 the FRC started an investigation into the conduct of PwC in relation to its audit of BHS’s 2014 financial results.
Sir Philip Green sold the high street retailer to Dominic Chappell’s Retail Acquisitions for £1 in March 2015.
BHS went into administration in 2016 with the loss of 11,000 jobs.
