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Bloomberg
The UK’s auditing watchdog has started an investigation into Mazars’ audit of French Connection Group Plc.
The Financial Reporting Council said on Wednesday the probe would focus on the year ending on January 31, 2020 without disclosing further details. The struggling UK fashion retailer has failed to keep pace on price with its high street rivals and has been closing stores. In April the company said revenue slumped 40% in the year ending on January 31.
French Connection appointed Mazars as its auditor in 2019 after a competitive tender process. French Connection Chief Executive Stephen Marks remains its largest shareholder.