FRC closes probe into PwC’s audit of Intu Properties

The Financial Reporting Council said on Tuesday that it was closing its investigation into the PwC audit of collapsed shopping centre owner Intu Properties.

The investigation was related to Intu’s financial statements for the years ended 31 December 2017 and 31 December 2018.

The probe was opened in January 2023, under the Audit Enforcement Procedure, following a decision by the FRC’s Conduct Committee.

The FRC said its Executive Counsel has decided in the circumstances of this case "that the relevant person(s) should no longer be liable for enforcement action".

Intu Properies collapsed at the height of the Covid pandemic in 2020.