Aug 14, 2019

Sports Direct in government talks over auditor trouble

Sports Direct has asked the UK government to clarify how it might act if the troubled retailer becomes the first major listed business to fail to appoint an auditor. The decision leaves Sports Direct struggling to appoint a replacement auditor, as it admitted that it had not previously persuaded rival accounting firms to tender for its audit contract. Mazars, another small firm, approached Sports Direct about becoming its next auditor but with a number of conditions about governance. Sports Direct said in its annual results that it did not believe a firm outside of the Big Four would be able to "Cope" with its audit in the future due to an increase in its size and complexity. The chief executive of a Big Four firm said there were significant unanswered questions about the possibility that it could be forced by ministers to audit Sports Direct.

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