RCS - Frasers Group PLC - FRC Final Decision Notice re: Grant Thornton

FrasersAnnouncement

18/07/2022 10:45

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RNS Number : 8049S  Frasers Group PLC  18 July 2022

Date: 18 July 2022

 

FRASERS GROUP PLC ("Frasers Group" or "the Company")

 

FRC FINAL DECISION NOTICE RE: GRANT THORNTON

 

The Financial Reporting Council (FRC) has today published Final Decision
Notices in relation to sanctions imposed on Grant Thornton UK LLP (Grant
Thornton) and Mr Philip Westerman. These arise from specific aspects of their
audit work in respect of Sports Direct International plc's (now Frasers
Group's) financial statements for the years ended 2016 and 2018.

 

The FRC's investigation and findings relate to Grant Thornton and Mr Philip
Westerman only. As is made clear in the FRC's Final Decision Notices, there
are no criticisms of Frasers Group, no issues in relation to Frasers Group's
historical financial statements and no findings that there were any
undisclosed related party transactions within the Group.

 

Frasers Group always makes clear that its accounting principles are being
conservative, consistent and simple. Frasers Group tries as far as possible to
be fully transparent with the market on its financial disclosures. Even though
Frasers Group believes it was technically correct in its disclosure of related
party transactions, with hindsight further disclosure within the accounts
might have avoided this particular aspect of The FRC's investigation of Grant
Thornton and Mr Philip Westerman.

 

Ends

 

 

Frasers Group plc

Thomas Piper, Company
Secretary                                 T.
0344 245 9200

LEI:213800JEGHHEAXIJDX34
E. investor.relations@frasers.group (mailto:investor.relations@frasers.group)

 

Chris Wootton, Chief Financial
 
T. 0344 245 9200

Officer
E. financial@frasers.group (mailto:financial@frasers.group)

 

Ronnie Laffar, Head of PR &
 
T. 07585 886189

Communications
 
E. fgpr@frasers.group (mailto:fgpr@frasers.group)

 

Rosie Oddy, Brunswick
Group,
T. 07734 861279

PR
Advisors
E. frasersgroup@brunswick.com (mailto:frasersgroup@brunswick.com)

 

Numis

 

Luke
Bordewich
T. 020 7260 1000

Ollie Steele

Duncan Wilson

 

Liberum

 

John
Fishley
T. 020 3100 2000

Kane Collins

Nikhil Varghese

 

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