Bloomberg Tax
March 17, 2023, 4:31 PM

UK Watchdog Closes Seven-Year Probe of Sports Direct Accounting

Michael Kapoor
Michael Kapoor
Freelance Correspondent

The UK’s accounting watchdog said Friday that it was closing a seven-year investigation into a big sports retailer’s preparation of its accounts with no further action, despite it having fined the company’s auditors last year.

The Financial Reporting Council said that it had closed the case against an unnamed executive at Sports Direct International Plc over the preparation and approval of its accounts for fiscal year 2016. In a separate action announced in July 2022, it fined and severely reprimanded Grant Thornton for “failings” in Sports Direct audits in 2016 and 2018.

  • “Having considered the representations provided, ...