UPDATE: Sports Direct auditor Grant Thornton resigns

Writer, Stock Market Wire
Wednesday, August 14, 2019 - 15:00

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 claims regulator has published 'incorrect' market share estimates

Sports Direct International claimed that Britain's competition regulator had published 'incorrect estimates' of its market share for sports-inspired casual apparel and footwear.

The company claimed...

Wed, 30/10/2019 - 07:24

Sports Direct continues criticism of Goals Soccer Centres over accounting glitch

Sports Direct International chief executive Mike Ashley continued to criticse Goals Soccer Centres over its handling of an accounting error in its books.

Sky News...

Tue, 29/10/2019 - 07:13

Metro Bank founder leaves, and Ashley takes shot at Goals

“Sterling and UK-focused stocks, including banks like Royal Bank of Scotland, took a step back on Wednesday morning as Westminster yet again failed to...

Wed, 23/10/2019 - 09:57

Sports Direct accuses Goals Soccer Centres of not 'truly' engaging in bid process

Sports Direct International accused Goals Soccer Centres of not allowing it full access to its forensic accounting reports while it was mulling a takeover bid...

Wed, 23/10/2019 - 07:30

Sports Direct not planning to close large number of House of Fraser stores

Sports retailer Sports Direct said that it was not planing to close a large number of House of Fraser stores in the new year and...

Mon, 07/10/2019 - 13:06