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Watchdog to investigate Connaught accountants

The accountancy watchdog has launched an investigation into PricewaterhouseCoopers’ audit of Connaught in the lead-up to the social housing group’s collapse in September.

The Accountancy and Actuarial Discipline Board said it will investigate how the group’s accounts were prepared and approved for the year ended 31 August 2009, alongside interim financial statements for the six months ended 28 February 2010.

The inquiry will also focus on the conduct of other members of the Institute of Chartered Accountants in England and Wales.

The parent company of Connaught and its social housing maintenance arm collapsed into administration in September after its management warned public spending cuts were hitting revenues.

The administration, which followed a profit warning issued in June, came amid concern about the way Connaught’s mobilisation costs were accounted for.

In a statement, PwC said it would be “co-operating fully” with the AADB investigation.

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