UK watchdog probes Deloitte audit of Joules
Britain’s accounting watchdog has opened an investigation into Deloitte’s audit of clothing retailer Joules Group plc.
The Financial Reporting Council said its investigation is in relation to Deloitte’s audit of Joules for the year ended 30 May, 2021.
Deloitte UK said it will co-operate fully with the FRC investigation and that it remains committed to the highest standards of audit quality.
The retailer had been struggling with its finances, profitability and cash generation as consumers turned cautious about discretionary spending amid a cost of living crisis. The brand was rescued out of administration by Next in December 2022 in a £34 million deal that saved around 1,400 jobs and 100 of Joules’ 124 stores.
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