Two Frasers Group brands facing with audit concerns

Brands under the Mike Ashley-owned Frasers Group are facing audit issues in regards to missing or unverifiable information.

It is understood that auditors for Cooper Parry were unable to verify nearly seven million pounds of wages and salary at online e-tailer I Saw It First, according to a report by This is Money.

Meanwhile, at Hart Shaw, which Frasers snapped up from JD Sports in late 2022, auditors at Choice said that “crucial information” had been missing at the company, leaving them unable to complete their work.

The media outlet, which had initially reported the news, said that the audit issues had sparked “fresh concerns over corporate governance standards” at the British fashion and retail giant.

In a statement to the press, a spokesperson for Frasers addressed the issues, stating: “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.”

Similar concerns have arisen at the group before, however. For the 12 months to April 2016, the company, then called Sports Direct International, had been investigated and a former auditor, Grant Thornton, later fined by the Financial Reporting Council for “serious failings” when overseeing accounts.