Out for a pound: KPMG quits Poundworld audit | AccountingWEB

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...


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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....?"

ireallyshouldknowthisbut's picture

.    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...