The Financial Reporting Council (FRC) has announced an investigation into the audit of fashion retailer Joules prior to its bankruptcy last year.
The FRC is specifically looking into Deloitte's audit of the retailer's accounts for the year up to the end of March 2021.
The watchdog said that the decision to scrutinise the auditing was made at a meeting of the FRC’s Conduct Committee on 20 March, and that the investigation will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.
A spokesperson for Deloitte said the company will “co-operate fully with the Financial Reporting Council’s investigation” and remains “committed to the highest standards of audit quality.”
The FRC fined Deloitte £900,000 in November 2022 over its audits of materials supplier SIG after it admitted breaches over its work on the company's financial statements.
Next acquired Joules in a £41 million deal which saved over 1,400 jobs. The company said that it plans to relaunch the brand through its Total platform later this year, but last month announced a fresh consultation on job cuts leaving these ambitions up in the air.
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Poundland significantly reduces antisocial behaviour, aggression and shoplifting with Motorola Solutions VT100 body cameras
Retail should not be a high-risk occupation. As a company, we are focused on listening to our colleagues and customers to help them with the issues they are facing in-store and so far, the feedback on our body cameras has been excellent. They act as a great visual deterrent, help to de-escalate situations and overall, this project has significantly aided our goal to make the retail environment safer.
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Supplying demand: how fashion retailers can meet the needs of customers and still be sustainable
The fashion industry is no stranger to breaking the mould and setting trends, but the pursuit of style can come at a huge cost to the environment.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
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