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The Financial Reporting Council has announced that it has concluded its investigation into Grant Thornton’s handling of Sports Direct’s accounts for the financial year ended 24 April 2016.
The probe was initiated all the way back in November 2016 and was allegedly prompted by reports of an undisclosed arrangement between Sports Direct and Barlin Delivery, the company owned by Sports Direct founder Mike Ashley’s elder brother.
The FRC Executive Counsel decided in the circumstances of this case that the test for bringing enforcement action was not met and the case has been closed.
The FRC stated that Sports Direct was not the subject of this investigation.
This news comes after Grant Thornton was fined £2.05m back in July 2022 for “serious failings” in its audits of Sports Direct in 2016 and 2018.
The accountancy firm was fined £1.7m specifically for its failure to investigate and disclose the relationship between Sports Direct and Barlin Delivery Limited.
Sports Direct is part of the Frasers Group which also owns House of Fraser, Jack Willis and Evans Cycles.
