PwC handed £5m fine for Kier and Galliford Try audits

The Financial Reporting Council has fined leading accountant PwC and former partner Jonathan Hook over audit failures for Galliford Try and Kier.
The breaches concern failures to properly audit revenue recognised under specific complex long-term contracts.
This involved a lack of insufficient challenge of management’s assertions and lack of professional scepticism.
PwC was fined just over £3m for failure to adequately challenge revenue and costs recognised by Galliford Try’s ma