Regulator launches probe into PwC's audit of BHS

The Financial Reporting Council said on Monday that it has launched an investigation into PricewaterhouseCoopers’ audit of collapsed British retailer BHS.

The accounting watchdog said it will investigate PwC’s audit of financial statements for the year ended 30 August 2014.

BHS was placed into administration in April and is now being wound up after administrators Duff & Phelps failed to find a buyer.

Up to 11,000 retail jobs will be lost but the timescale for the closing down of the stores has not been outlined.

The retailer was sold by Philip Green’s Arcadia last year to three times bankrupt former racing driver Dominic Chappell for £1.