Watchdog berates PwC over `misleading` BHS accounts
(The Guardian Business News)

Regulator criticises accountant for signing off `unrealistic´ forecasts before sale of retailerBHS´s accounts were misleading and featured unrealistic forecasts before Sir Philip Green sold the now collapsed department store chain, according to a report into the role of the retailer´s auditor, PwC.The Financial Reporting Council (FRC) said BHS´s 2014 accounts were `incomplete, inaccurate and misleading` because they said Taveta, BHS´s owner, would provide it with financial support. But Taveta´s backing only applied while it owned BHS. When the audit was signed in March 2015, BHS was days away from being sold for £1 in a deal that eventually led to its collapse. Continue reading...