Bloomberg Tax
July 18, 2022, 7:47 AM

UK FRC Fines Grant Thornton, Ex-Partner Over Sports Direct Audit

Foster Wong
Foster Wong
Bloomberg News

The Financial Reporting Council fined Grant Thornton UK (GT) and its former partner Philip Westerman for failings in the audits of Sports Direct International for the financial years ended April 24 2016 and April 29 2018, according to an emailed statement.

  • Fines GT £1.7m, adjusted for mitigating factors and admissions/early disposal to £1.13m for the 2016 audit;
    • And £350,000, adjusted for aggravating and mitigating factors and admissions/early disposal to £193,375 for 2018 audit
  • Issues a severe reprimand in respect of both the 2016 & 2018 Audits
  • Also requires GT to undertake thematic reviews for its 2018 audit and a declaration ...

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