UK financial watchdog to probe French Connection audit by Mazars
The news comes days after French Connection announced it is to be taken over for £29m.
The Financial Reporting Council (FRC) announced that it has begun an investigation into the audit by accountants Mazars LLP of fashion retailer French Connection accounts for the year ended 31 January 2020.
The decision was made at a meeting of the FRC’s Conduct Committee on 20 July 2021, the watchdog said in a statement, adding that the investigation will be conducted by its Enforcement Division.
Earlier this week, French Connection announced that it had been sold for £29mln to a consortium of clothing entrepreneur and major shareholder Apinder Singh Ghura, Amarjit Singh Grewal and KJR Brothers Ltd.
Mazars said it is co-operating fully with the FRC, according to media reports.