PwC facing multi-million fine after missing £21m hole in firm’s accounts

An internal review at Redcentric in November 2016 uncovered mis-stated accounting balances, prompting the departure of the business’s finance director, Tim Coleman.

A subsequent forensic review triggered a £20.8m profits write-down.

According to reports, PwC is now likely to be fined £7 million for its part in the debacle.

While Arif Ahmad, who audited the 2016 accounts, and Jaskamal Sarai, who audited the 2015 accounts, are likely to be fined £200,000 each, all to be reduced for early payment.

PwC has not commented on the reports.