Out for a pound: KPMG quits Poundworld audit

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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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Cheap stock

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". :-)

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Tense meetings with the Auditors?

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

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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. 

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not sure KPMG

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

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