Editing PwC (section)

===JP Morgan Securities audit===
In 2012, the Accountancy and Actuarial Discipline Board (AADB) of the UK fined PwC a record £1.4m for wrongly reporting to the Financial Services Authority that JP Morgan Securities had complied with client money rules which protects client funds. The accountants neglected to check whether JP Morgan had the correct systems in place and failed to gather sufficient evidence to form opinions on the issue, and as a result, failed to report that JP Morgan failed to hold client money separate from JP Morgan's money. The £1.4m fine was at the time the greatest penalty administered to a professional accountancy firm in the UK.<ref>{{cite news|author=Anna White|date=5 January 2012|title=PwC fined record £1.4m over JP Morgan audit|work=The Daily Telegraph|url=https://www.telegraph.co.uk/finance/newsbysector/supportservices/8995981/PwC-fined-record-1.4m-over-JP-Morgan-audit.html|access-date=5 April 2018|archive-date=11 January 2022|archive-url=https://ghostarchive.org/archive/20220111/https://www.telegraph.co.uk/finance/newsbysector/supportservices/8995981/PwC-fined-record-1.4m-over-JP-Morgan-audit.html|url-status=live}}</ref>