The chairman of the Work and Pensions select committee will meet the chief executive of the Insolvency Service to discuss its refusal to reopen its investigation into the collapse of BHS.
In July the Financial Reporting Council, which regulates auditors, issued its highest ever fine of £6.5m against PWC for its 2014 audit of BHS's former owner, Sir Philip Green's Taveta Group.
But last month Sarah Albon, the chief executive of the Insolvency Service, wrote to the committee's chairman, Frank Field, saying the material received from the FRC contained nothing further "that would merit disqualification action", but offered to "provide further details" about the investigation in private.
The Insolvency Service ended its investigation into BHS in March, banning Dominic Chappell, the man who bought the department store from Sir Philip, who escaped action himself.
But the FRC report into the matter was critical of Taveta Group and Sir Philip had pursued a High Court injunction to prevent publication of the report.
Mr Field said: "The FRC’s findings, even watered down, made it instantly clear why Sir Philip and his colleagues at Taveta didn’t want that devastating report to see the light of day. It is difficult for the outside observer to understand why the Insolvency Service sees no reason for further action on what happened at BHS.
"The current system apparently cannot prevent, capture or punish the conduct that ran BHS into the ground and left its pensioners well short of their entitlement. I hope the Insolvency Service’s insights can now help us start to make the UK’s corporate governance fit for purpose."
The accounts, which included those of the Taveta Group, were signed off two months earlier than in previous years and five days before the £1 sale as an "going concern" to Mr Chappell’s RAL group.
BHS crashed into insolvency a year later and at the time had a defined benefit pension scheme deficit of £571m.
Mr Field put pressure on the FRC to publish the report, and after taking extensive advice in a precedent setting case, an edited version of said report was finally issued.
PWC itself wholly accepted the FRC’s original findings and the fine levied against it, which included PWC senior partner Steve Denison taking a 15-year ban from audit work and an additional £325,000 individual fine.
John Kingman, chairman of UK Research and Innovation, said he will consider the BHS case as part of his review of the FRC, paying particular attention to the risk of auditors escaping appropriate sanctions for serious misconduct lasting for years.
