Former Sports Direct auditor could be hit with £2m fine

The former auditors of Shirebrook-based Sports Direct are in talks over a multimillion-pound fine that would bring down the curtain on a five-year probe into its accounts.

Sky News says that the Financial Reporting Council is ready to fine Grant Thornton around £2m for not disclosing the relationship between Sports Direct International – now Frasers Group – and a firm owned by Mike Ashley’s brother.

Sky New says it has learned a settlement is expected “within weeks”.

Grant Thornton is no stranger to being hit by a fine from the FRC; within the last year it has fined £3.5m for is audit work on Patisseries Holdings and outsourcing firm Interserve.

The FRC opened its investigation into Sports Direct in November 2016.