UK's accounting watchdog Financial Reporting Council (FRC) has imposed a fine of £4.5m ($5.82m) on PwC for audit failures related to Wyelands Bank’s financial year ending 30 April 2019.

Accounting giant PwC has been hit with a £4.5million fine for ‘serious failings’ in its audit of a bank owned by steel tycoon Sanjeev Gupta. The industry regulator said the Big Four firm ...