298
Fashion Jobs
H&M
Total Rewards Manager, Supply Chain
Permanent · TSIM SHA TSUI
H&M
Accounts Specialist
Permanent · TSIM SHA TSUI
ESTÉE LAUDER COMPANIES
Assistant Demand Planning Manager
Permanent · HONG KONG
ESTÉE LAUDER - BRAND
Retail Marketing Manager, Estée Lauder
Permanent · HONG KONG
CLINIQUE
Assistant Education Manager, Clinique
Permanent · HONG KONG
CLINIQUE
Senior Marketing Manager, Clinique
Permanent · HONG KONG
TOMMY HILFIGER
Senior Manager, Creative Services, Tommy Hilfiger Asia Pacific
Permanent · HONG KONG
AESOP
Retail Consultant
Permanent · SHA TIN
NEWELL
Senior Manager, Indirect Sourcing
Permanent · HONG KONG
L'OREAL GROUP
Group Product Manager
Permanent · HONG KONG
ADIDAS
Senior Manager, Materials Availability Management
Permanent · HONG KONG
L'OREAL GROUP
Assistant Purchasing Manager (Marketing, Digital IT)
Permanent · HONG KONG
PUMA
Manager Innovation Technical Apparel
Permanent · HONG KONG
DR. MARTENS
Head of Financial Accounting, Apac
Permanent · TSIM SHA TSUI
TJX COMPANIES
Director of Sourcing, Apparel -Hong Kong
Permanent · HONG KONG
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Hysan Place
Permanent · CAUSEWAY BAY
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Yoho Mall
Permanent · HONG KONG
A & F
Abercrombie & Fitch - Brand Representative (Part-Time / Full-Time), Harbour City
Permanent · TSIM SHA TSUI
KERING EYEWEAR
Kering Eyewear Assistant Trade Marketing Manager Travel Retail
Permanent · HONG KONG
JAEGER
Training Manager
Permanent · HONG KONG
L'OREAL GROUP
Retail And Education Manager
Permanent · HONG KONG
TORY BURCH
Senior Manager, Retail Training, Asia
Permanent · HONG KONG
Published
Jul 19, 2022
Reading time
2 minutes
Download
Download the article
Print
Text size

Another retailer's auditor fined over failings, this time for Sports Direct

Published
Jul 19, 2022

Another day, another fine and severe reprimand for a retailer’s auditor. Grant Thornton has been fined £1.3 million for “serious failings” in basic auditing of sportswear retail giant Sports Direct, the UK’s Financial Reporting Council said. It follows a similar ruling last week by the accounting regulator for Laura Ashley before it failed in 2020


Sports Direct


The latest findings relate to Grant Thornton’s audits of Sports Direct International (now Frasers Group), in 2016 and 2018. The FRC “severely reprimanded” Grant Thornton, which had audited Sports Direct’s accounts since the retailer’s stock market float in 2007. Philip Westerman, the partner in charge of the audits who no longer works for the firm, was also handed an £80,000 fine.

In relation to the failings of the 2016 audit, the FRC investigation focused on Grant Thornton’s failure to disclose a firm referred to as 'Delivery Company A' as a related party to controlling Sports Direct shareholder Mike Ashley in the accounts. The FRC said that Grant Thornton, the UK’s sixth-biggest accountancy firm, “failed to treat with professional scepticism management’s assertion that Delivery Company A was not a related party”.

In relation to the 2018 audit, the FRC was investigating work relating to an inventory provision of £162m and website sales, which accounted for a fifth of total sales, both of which Grant Thornton had highlighted as areas of “significant risk”.

“The respondents failed to obtain sufficient appropriate audit evidence, evaluate whether information provided by SDI was sufficiently reliable, or to prepare sufficient audit documentation commensurate with the risk in relation to these two areas of the audit,” the FRC said.

“The audit failings in this case were serious and relate to fundamental auditing standards,” said Jamie Symington, the deputy executive counsel to the FRC.

“It is particularly important that auditors follow up with due rigour where they have identified potential related party transactions as a significant audit risk. Auditors must adopt a mindset of professional scepticism, and exercise good judgment based on sufficient and properly documented evidence.”

Copyright © 2024 FashionNetwork.com All rights reserved.