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FRC launches investigation into Studio Retail audit


The Financial Reporting Council (FRC) says it has opened an investigation into the audit of Lancashire-based ecommerce firm, Studio Retail Group.

The watchdog released a statement this afternoon to say that it would be looking at the period ended March 2021.

“The Financial Reporting Council (FRC) has commenced an investigation in relation to the audit conducted by Mazars LLP of the financial statements of Studio Retail Group plc for the period ended 26 March 2021.

“The decision was made at a meeting of the FRC’s Conduct Committee on 13 September 2022.

“The investigations will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.”

Mike Ashley’s Frasers Group acquired the company for £26.8m in February 2022.

A spokesperson from Mazars said:

“Mazars is cooperating fully with the regulator and, respecting client confidentiality and due process, will provide no further comment during the course of the investigation.”

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