The Financial Reporting Council (FRC) has meted out its largest fine of £10m to PriceWaterhouseCoopers (PwC) and £500,000 to PwC audit partner Steve Denison in relation to the 2014 audits of BHS and the Taveta Group (Taveta).

PwC and Steve Denison have admitted misconduct and accepted accepted substantial fines and non-financial sanctions.

A condition that PwC monitor and support its Leeds Audit Practice and provide detailed annual reports about that practice to the FRC for the next three years is a major step.

So is an undertaking by PwC to review and amend its policies and procedures to ensure that audits of all non-listed high risk or high-profile companies (including private companies which employ at least 10,000 individuals in the UK) are subject to an engagement quality control review.

There seems to be real dermination at industry regulator the FRC to be doing the right thing, just as it is being investigated by Sir John Kingsman over its effectiveness.