BHS’s Sir Philip Green worried about his reputation in auditor’s report, seeks gagging clause

Owl says: impossible to harm this bloke’s reputation any further – he already managed it all by himself.

And as for PwC auditor who spent only 2 hours on the BHS audit file – wonder how much that cost BHS!

“Sir Philip Green is seeking a gagging order to prevent the full publication of a watchdog’s report that casts fresh light on the BHS scandal.

On Thursday, Green launched a high court bid to stop the Financial Reporting Council publishing its damning report on the failures of the auditors responsible for checking BHS’s accounts.

The Topshop tycoon wants sections of the FRC analysis to be redacted or changed, arguing that references to him and other members of the former BHS management could cause “serious and potentially irreparable harm” to their reputations.

Last week Steve Denison, the senior PricewaterhouseCoopers accountant who audited the BHS accounts ahead of its sale for £1, only a year before the department store chain collapsed, was given a 15-year ban and and record personal fine of £325,000 after he admitted misconduct. …

On Thursday, a leaked email sent to nearly 1,000 PwC partners and written by the firm’s UK chairman, Kevin Ellis, was heavily critical of Denison who, it emerged, had backdated his BHS audit opinion and spent just two hours working on the file.

In the email, Ellis described Denison’s supervision of the audit as “inadequate” with too much work delegated to a junior team member. “This situation should not have happened and we need to face up to the failings and learn the lessons,” he wrote.”

https://www.theguardian.com/business/2018/jun/21/sir-philip-green-in-bid-to-gag-regulators-report-on-pwc

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