The FRC is investigating whether PricewaterhouseCoopers was independent when it conducted the audit of Berkeley’s financial statements for the year ended 30 April 2012.
Concern centres on the fact that former PwC partner Glyn Barker joined Berkeley’s board as a non-executive director in January 2012. Mr Barker was with PwC for 35 years, latterly as managing partner and UK vice chairman. He is a member of Berkeley’s audit committee and chairman of its remuneration committee.
The FRC is responsible for promoting corporate governance and sets UK standards for accounting, auditing and actuarial work. It operates independent disciplinary arrangements for accountants and actuaries, and oversee the regulatory activities of the accountancy and actuarial professional bodies.