The Financial Reporting Council (FRC) has confirmed it has opened an investigation into PwC's audit of WHSmith's financial statements for the year ending August 31, 2024.

The probe focuses on the Big Four accounting firm's audit work for the high street retailer, though the FRC has not disclosed specific details about the nature of concerns that prompted the investigation.

PwC, one of the world's largest professional services firms, serves as auditor for numerous major corporations across the UK. The firm has not immediately responded to requests for comment regarding the investigation.

WHSmith operates bookstores and convenience outlets across the UK, with locations in airports, train stations, and high streets. The company's financial statements are subject to annual independent auditing as required for publicly traded companies.

The FRC serves as the UK's accounting and auditing regulator, with authority to investigate potential breaches of professional standards and impose sanctions when violations are found. Such investigations can result in fines, restrictions on audit work, or other disciplinary measures against accounting firms and individual auditors.