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UK watchdog investigating retailer French Connection's audit

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By Reuters
UK watchdog investigating retailer French Connection's audit
UK watchdog investigating retailer French Connection's audit   -   Copyright  Thomson Reuters 2021

LONDON -Britain’s Financial Reporting Council (FRC) has opened an investigation into the audit of retailer French Connection Group by accountants Mazars, the accounting watchdog said on Wednesday.

The FRC said it was investigating the company’s audit for the year that ended January 31, 2020.

“The decision was made at a meeting of the FRC‘s Conduct Committee on 20 July,” it said in a statement.

Mazars said it was cooperating fully with the FRC and, respecting client confidentiality and due process, would provide no further comment during the investigation.

On Monday, the UK fashion brand known for its “FCUK“ branding, said it had agreed to sell itself for 29 million pounds ($39.44 million) after years of losses only made worse during the coronavirus pandemic.

($1 = 0.7352 pounds)