// The Financial Reporting Council (FRC) has launched a probe into Deloitte’s audit of Joules’ 2021 financial results

// The high street retailer collapsed into administration in November last year

Joules auditor Deloitte is under investigation by the Financial Reporting Council (FRC) following the retailer’s collapse last year.

The UK accounting watchdog has launched a probe into the retailer’s audited 2021 financial reports, which were signed off by Deloitte.

The Big Four accountancy firm said the group would “co-operate fully with the Financial Reporting Council’s investigations” and remained “committed to the highest standards of audit quality”.

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Joules called in administrators Interpath Advisory in November last year after it failed to secure an emergency cash-call from investors.

It was then rescued by Next and founder Tom Joule in a £34m deal in December, which saved 100 stores and almost 1,500 jobs.

The retail giant, which plans to relaunch the brand in October, is currently consulting with Joules staff after it said several roles could be absorbed into its existing teams or are no longer needed.

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