Out for a pound: KPMG quits Poundworld audit

KPMG has resigned as auditor of Poundworld, claiming that the single-price retailer provided it with "misleading information".

A KPMG statement said: “During our audit of the company’s financial statements for the year ended 31 March 2013, we were provided with misleading information concerning the value of stock.  The year-end stocktake results provided to us by the Company were misleading in that...

Continued...

» Register now

The full article is available to registered AccountingWEB members only. To read the rest of this article you’ll need to login or register.

Registration is FREE and allows you to view all content, ask questions, comment and much more.

Comments
stepurhan's picture

Cheap stock

stepurhan | | Permalink

I think I know where the misleading information came from. The stock value came in at much higher than £1, which KPMG found conflicted with Poundland's stated motto "Everything's a pound". :-)

Tense meetings with the Auditors?

MattG | | Permalink

Maybe the board finally lost it after the 50th time that the auditors asked "and how much is this....?"

.    1 thanks

ireallyshouldkn... | | Permalink

Nice to see KPMG has the balls to do this.

When I worked for them they didn't seem to have quite as much gumption. 

not sure KPMG

justsotax | | Permalink

appreciated the end of audit - they were told they could have any item out of the store...