FRC launches investigation into Mazars’ audit of Studio Retail Group
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The investigation concerns the period ended 26 March 2021
The Financial Reporting Council (FRC) has commenced an investigation in relation to the audit conducted by Mazars LLP of the financial statements of Studio Retail Group plc.
The investigation concerns the period ended 26 March 2021, a month after the group was purchased by Mike Ashley’s Frasers Group for just £1.
Studio Retail Group had accumulated debts of over £80 million when it entered administration earlier this year.
The decision to launch an investigation was made at a meeting of the FRC’s Conduct Committee on 13 September 2022.
The investigations will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.
Scottish Financial News has approached Mazars for comment.
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