Oct 25, 2019
RSM puts its head above the parapet with Sports Direct
The accounting sector is facing a pivotal moment after the appointment of RSM UK as auditor to Sports Direct. Sports Direct will become RSM's largest and most high-profile client by a big margin. Sports Direct has a valuation of £1.7bn. RSM is the seventh-largest audit firm in the UK, but its 2019 revenues of £335m are about £150m less than its closest competitor, Grant Thornton. RSM declined to discuss the reasons it pitched for Sports Direct's audit. A senior person close to the FRC rebuffed concerns that the risk of another investigation into the audits of Sports Direct could unwind work done by regulators and politicians to force change.
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