The Financial Reporting Council (FRC) says it has opened an investigation into PwC’s audit work relating to WH Smith’s financial statements for the year ended 31 August 2024. Multiple outlets report that the probe follows WH Smith’s disclosure of accounting errors in its US business. WH Smith previously acknowledged that it overstated profits in its North American operations by as much as £50 million due to an accounting mistake. The FRC’s investigation focuses on PwC’s audit and the firm’s work connected to the retailer’s reporting, according to the reports. The articles describe this as a regulatory scrutiny of a Big Four firm’s conduct in the context of the identified misstatement. No outcome of the investigation is reported in the provided sources, and the coverage does not indicate findings or sanctions at this stage. The FRC is proceeding with the probe after the company’s own admission of the scale of the earlier overstatement.