UPDATE: Sports Direct auditor Grant Thornton resigns

Writer,

Sports apparel and equipment retailer Sports Direct said that Grant Thornton had resigned as its auditor.

Sports Direct said that Grant Thornton had made the decision subsequent to the publication of Sports Direct's annual accounts and following 'a review of its client portfolio'.

Grant Thornton would cease to hold office as auditor effective from 11 September, being the date of Sports Direct's annual general meeting.

In a subsequent joint announcement on Wednesday, the two companies said that Grant Thornton was reviewing its client portfolio due to audit profitability and increased regulatory scrutiny, among other reasons.

The decision to resign had also come in light of Sports Direct's previously-indicated intention to appoint a 'big four' auditor in the future.

'The board of Sports Direct are comfortable with Sports Direct's accounts for the period ended 28 April 2019 and believe a fully robust audit was carried out of Sports Directo's financial statements,' the joint statement said.

At 3:00pm: (LON:SPD) Sports Direct International PLC share price was -14.1p at 215.7p


Related content

Sports Direct mounts a comeback and Cineworld’s latest acquisition fuels debt concerns

“Investors may be disappointed that we haven’t had a continuation of Friday’s impressive rally in UK equities on the same scale. However, they should also...

Mon, 16/12/2019 - 09:29


Broker Forecast - Liberum Capital issues a broker note on Sports Direct International PLC

Liberum Capital today reaffirms its buy investment rating on Sports Direct International PLC (LON:SPD) and raised its price target to 550p (from 400p).

Broker Forecasts...

Mon, 16/12/2019 - 08:20


Sports Direct profit boosted by acquisitions, sale of distribution centre

Sports Direct International posted a large rise in first-half profit as acquisitions boosted revenue and it booked a gain on the sale of a distribution...

Mon, 16/12/2019 - 07:17


Learning the lessons from corporate disasters

In 2019 UK companies have issued more profit warnings than at any time since the financial crisis. Research from accountant EY found that until September,...

Thu, 12/12/2019 - 00:00


Artemis Alpha Trust spies pipeline of opportunities

Author: 

Artemis Alpha Trust (ATS) 327p

Gain to date: 14.5%

Original entry point: Buy at 285.5p, 25 July 2019


...

Thu, 05/12/2019 - 00:00