Auditors refuse to sign off accounts - Sports Direct

Grant Thornton the auditors of the final accounts of UK based Sports Direct have refused to sign off the full year results of the company. The company is the United Kingdom's largest sports-goods retailer and operates roughly 670 stores worldwide. It is listed on the London Stock Exchange and is a FTSE 250 company.  The company operates under low margins. Grant Thornton have been working the company’s Head of Retail and the Sports Direct’s company secretary departed from on the audit for the last 3 months and require a further 5 weeks to resolve “a number of key areas” in the results that could “materially affect” its earlier financial forecasts. Prior to this announcement the company. Sport Direct’s shares fell in value by 16% as a result of the delay in the audit.

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