The Financial Reporting Council (FRC) announced that it has begun an investigation into the audit by accountants Mazars LLP of fashion retailer French Connection Group (LSE:FCCN) PLC’s accounts for the year ended 31 January 2020.
The decision was made at a meeting of the FRC's Conduct Committee on 20 July 2021, the watchdog said in a statement, adding that the investigation will be conducted by its Enforcement Division.
Earlier this week, French Connection announced that it had been sold for £29mln to a consortium of clothing entrepreneur and major shareholder Apinder Singh Ghura, Amarjit Singh Grewal and KJR Brothers Ltd.
Mazars said it is co-operating fully with the FRC, according to media reports.