FRC opens investigation into Deloitte's audit of Joules accounts

(Alliance News) - The Financial Reporting Council on Tuesday said it has begun an investigation into Deloitte LLP's audit of Joules Group PLC's results.

The audit is for Joules' financial year 2021 results, which ran to May 30.

The UK watchdogsaid it made the decisions to look into the accounts at a meeting on March 20.

"The investigation will be conducted by the FRC's Enforcement division under the Audit Enforcement Procedure," the FRC said.

Deloitte had handles Joules' accounts during the company's collapse last year.

In November, Joules had announced that its shares would be delisted, with the company to be wound up. At the point of the announcement, the company's shares had already been suspended from trading.

Then in December, Next PLC bought a majority stake in the Leicestershire-based British country lifestyle retailer.

Clothing and homewares retailer Next agreed with Joules founder Tom Joule that it will own 74% of the equity, with Joule owning the remaining 26% under a GBP34 million deal. Further, Next bought the current head office of Joules for GBP7 million.

Next shares were 1.1% higher at 6,774.00 pence each on Tuesday afternoon in London.

By Sophie Rose, Alliance News reporter

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