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IN BRIEF: Financial Reporting Council closes probe related to Frasers

17th Mar 2023 14:39

Frasers Group PLC - Shirebrook, England-based owner of House of Fraser, Sports Direct and Flannels retail chains - UK Financial Reporting Council closes its accountancy scheme investigation of the preparation and approval of Sports Direct International PLC for the 2016 financial year. Sports Direct International is the former name of Frasers Group, making the change late in 2019. The FRC says Sport Direct International was not the subject of its probe.

"Having considered the representations provided, the executive counsel has decided in the circumstances of this case that the test for bringing enforcement action is not met," the FRC says on Friday. "Accordingly, the case has been closed."

Back in July of last year, Frasers said former auditor Grant Thornton UK LLP had been fined over "serious failings" in its audit of Sport Direct International's financial 2016 and 2018 financial statements.

Current stock price: 721.50 pence each, down 1.3% on Friday afternoon in London

12-month change: up 12%

By Tom Waite, Alliance News editor

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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