Studio Retail Group accountant Mazars LLP is under investigation by industry watchdog, the Financial Reporting Council (FRC).
What happened
Accountants Mazars LLP is under investigation by industry watchdog, the Financial Reporting Council (FRC). The company previously conducted work on behalf of Studio Retail Group.
Why it matters
The FRC said that it has commenced an investigation in relation to the audit conducted by Mazars LLP of the financial statements of Studio Retail Group for the period ended 26 March 2021.
The decision was made at a meeting of the FRC’s Conduct Committee on 13 September 2022 and investigations will be conducted by the FRC’s enforcement division under the audit enforcement procedure.
Studio Retail Group went into administration in February 2022, due to supply chain delays and soaring shipping costs. Soon after, the company was acquired by Mike Ashley's Frasers Group for £26.8 million.
This news brief is based on reporting published by TheIndustry.fashion on 2022-10-10. The original report is linked below.
TheIndustry.fashion
https://www.theindustry.fashion/studio-retails-financial-statements-under-investigation/This independent news brief is based on the public source identified above. It is an original summary or translation, not a reproduction of the source article. Rights in source text, research, trademarks and images remain with their respective owners; images are used under the licence or permission identified in the credit. Rights holders may contact rights@goodproductasia.com with evidence of ownership. Verified concerns will be corrected, replaced or removed promptly. This report is not investment, legal, medical or purchasing advice.
