business
FRC sanctions Forvis Mazars and audit partner for SRG audit failings
Key takeaways
- The case relates to the statutory audit of SRG for the financial year ended March 2021.
- Forvis Mazars received a financial sanction of £577,125, while Allen was fined £33,412.
- London-listed SRG entered administration in February 2022, around eight months after Forvis Mazars signed its audit report.
FRC sanctions Forvis Mazars and audit partner for SRG audit failings Forvis Mazars received a financial sanction of £577 · International Accounting Bulletin Aninda Chakraborty Fri, July 3, 2026 at 9:57 PM GMT+7 2 min read The UK Financial Reporting Council (FRC) has sanctioned Forvis Mazars and audit engagement partner David Allen over audit failings linked to Studio Retail Group (SRG), a former digital catalogue retailer.
The case relates to the statutory audit of SRG for the financial year ended March 2021.
In a statement on 2 July, the FRC said Forvis Mazars and David Allen admitted "serious breaches" of the International Standards on Auditing in three areas: expected credit losses (ECL), going concern and financial services income.
Article preview — originally published by Yahoo Finance. Full story at the source.
Read full story on Yahoo Finance →
More top stories
Aggregated and edited by the Scoop newsroom. We surface news from Yahoo Finance alongside other reporting so you can compare coverage in one place.
Editorial policy · Corrections · About Scoop