Financial Accounting News

KPMG Resigns as Ted Baker Auditor After Accounting Errors

June 1, 2020, 4:28 PM

KPMG LLP has resigned as the auditor of Ted Baker Plc, the U.K. fashion brand, after the company admitted accounting errors in December.

Ted Baker said Monday that BDO LLP had replaced KPMG as its auditor, giving no reason for KPMG’s resignation. It also announced a loss of 80 million pounds ($100 million) for the fiscal year that ended Jan. 25 and a 95 million-pound share offering.

KPMG declined to comment.

  • Ted Baker said in December that it had overvalued its inventory by up to 25 million pounds and appointed outside accountants to investigate.
  • KPMG’s conduct as the...
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