The Financial Reporting Council (FRC) has launched an investigation into PwC’s audits of failed shopping centre owner Intu Properties.<\/p>\n
Intu owned major shopping centres across the country, including the Trafford Centre and Arndale in Manchester, Merry Hill and Potteries in the West Midlands, and Cribbs Causeway in Bristol.<\/p>\n
Intu entered administration in June 2020 after breaching debt covenants but the group’s financial troubles pre-dated the pandemic.<\/p>\n
Its 2019 accounts warned of a “material uncertainty” about its ability to continue because of high debts and falling incomes and valuations. The property giant owed \u00a34.5bn when it collapsed.<\/p>\n
The FRC’s enforcement division is investigating Intu’s 2017 and 2018 accounts after a review by its conduct committee. The audits were signed off by London-based auditors Ranjan Sriskandan, who has since retired, and Mark Pugh.<\/p>\n
PwC said: “We will co-operate fully with the FRC in its enquiries. Delivering consistently high quality audits remains our primary focus and we continue to make significant investment in our audit practice.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Regulator examining audits from two years before shopping centre owner entered administration<\/p>\n","protected":false},"author":18,"featured_media":1563,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"coauthors":[81],"class_list":["post-1562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-featured-story"],"yoast_head":"\n