UK fines PwC $3.9 million over mistake in audit
British accounting firm PricewaterhouseCoopers (PwC) has been ordered by UK's financial watchdog to pay over $3.9 million in fines over a 2007 audit that failed to spot irregularities in the accounts of defunct lender Cattles. PwC admitted that parts of its 2007 audit were not up to the mark, and added that its standards have improved since.