WH Smith admitted last year it overstated profits for its North American business by as much as £50 million because of an accounting blunder.

The accountancy watchdog has launched an investigation into PwC over its audit of WH Smith that resulted in delayed annual results last year.

The Financial Reporting Council (FRC) confirmed that it has opened a probe into the Big Four beancounter's audit of the retailer's audit of its financial statements for the year…

WH Smith admitted last year it overstated profits for its North American business by as much as £50 million because of an accounting blunder.