Nov 12, 2019

Halfords accounts change puts KPMG in spotlight

A £12m writedown by Halfords has brought fresh scrutiny of the record of Peter Meehan, the KPMG partner who audited collapsed government outsourcer Carillion. The error meant Halfords had overstated its retained earnings and net assets going back a number of years, according to the company's interim results, which were published on Thursday. Profits in the six months to September 27 fell 2.5 per cent to £27.5m. BDO took over the audit of Halfords this year from KPMG, its auditor since 2009. A person close to KPMG said Mr Meehan was replaced on his audits when he was suspended, handing over to some of the firm's most experienced auditors. The failure of Conviviality - another KPMG audit client - is the subject of an ongoing investigation by the FRC. Halfords declined to comment.

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