Two of Frasers Group’s fashion brands – I Saw it First and Choice – have been hit with audit issues.
Auditors for I Saw It First at Cooper Parry were unable to verify almost £7m of wages and salary payments, This is Money reported.
Meanwhile, auditors at Hart Shaw said crucial information needed to complete their work for Choice, which the Mike Ashley controlled group bought from JD Sports at the end of 2022, was missing.
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I Saw It First told the publication that it lost some payroll data while switching its accounting systems to the ones used by Frasers Group.
A spokesperson for the group said: “A limited set of I Saw It First payroll data can no longer be accessed because it was not migrated on to Frasers Group’s systems during the post-acquisition integration process, and the I Saw It First system which it was stored on no longer exists.”
The audit issues have sparked fresh concerns over Frasers Group’s corporate governance standards.
The Financial Reporting Council investigated the accounts of Sports Direct International – later renamed Frasers – for the 12 months to April 2016 and fined the company’s former auditor Grant Thornton £1.3m for “serious failings” in reviewing the retailer’s accounts.
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