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‘Big Four accountancy firm’ Deloitte has been appointed by Ted Baker to probe into its accounting blunder that revealed it had overstated the value of its stock by up to £25m.
According to Sky News, the auditor will work alongside law firm Freshfields Bruckhaus Deringer on the inquiry.
Earlier this month, Ted Baker’s board estimated the value of inventory on its balance sheet was overstated by £20m to £25m, according to a “preliminary analysis”. It added that any adjustment to inventory value would have “no cash impact” and would instead relate to prior years.
The two firms will report to a board sub-committee, which is chaired by independent director Sharon Baylay.
Accountancy Today has contacted Ted Baker for comment.
