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The Financial Reporting Council (FRC) has launched an investigation in relation to Deloitte’s audit of clothing retailer Joules.
The investigation will examine Deloitte’s audit of the group’s consolidated financial statements for the year ended 30 May 2021.
The retailer fell into administration last year, appointing administrators from Interpath Advisory to help oversee a takeover deal. The group was later acquired by Next in a £34m deal.
The FRC’s recent decision to open an investigation into the audit was made at a Conduct Committee meeting on 20 March 2023.
The FRC said an investigation will now be conducted by its Enforcement Division under the Audit Enforcement Procedure.
A Deloitte spokesperson said: “We will cooperate fully with the Financial Reporting Council’s investigation and remain committed to the highest standards of audit quality.”
