{"id":163123,"date":"2020-10-19T08:25:08","date_gmt":"2020-10-19T08:25:08","guid":{"rendered":"https:\/\/www.theindustry.fashion\/boohoo-confirms-auditor-pwc-is-to-stand-down\/"},"modified":"2021-08-06T12:08:38","modified_gmt":"2021-08-06T12:08:38","slug":"boohoo-confirms-auditor-pwc-is-to-stand-down","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/boohoo-confirms-auditor-pwc-is-to-stand-down\/","title":{"rendered":"Boohoo confirms auditor PwC is to stand down"},"content":{"rendered":"<p>Online fast fashion group Boohoo has confirmed that its auditors at PwC are cutting ties with the business, after it was <strong>caught up in questions over the minimum wage and conditions in its supply chain, <\/strong>in particular in garment factories in Leicester.<\/p>\n<p><!--more--><\/p>\n<p>Boohoo said it is looking for experts to audit its accounts, but that PwC has ruled itself out of the process.<\/p>\n<p><strong>PwC\u2019s auditors have signed off on the company\u2019s records for the last six years,<\/strong> Boohoo said. They have already signed an unqualified opinion on Boohoo\u2019s accounts for the 2020 financial year.<\/p>\n<p>The confirmation comes after the <a href=\"https:\/\/www.theindustry.fashion\/boohoo-in-search-of-a-new-auditor-as-pwc-stands-down\/\"><em>Financial Times<\/em> reported on Friday<\/a> that PwC had resigned the role some time within the last month.<\/p>\n<p>In a statement on Monday, Boohoo said: \u201cThe group <strong>would like to place on record that PwC is still the group\u2019s auditor at this time.<\/strong><\/p>\n<p>\u201cThe group\u2019s Audit Committee has recently <strong>launched a competitive tender process for the group\u2019s audit,<\/strong> and will update shareholders at its conclusion.<\/p>\n<p>\u201cPwC<strong> signed an unqualified opinion on the group\u2019s 2020 financial statements<\/strong> and, having served as the group\u2019s auditor since 2014, is not participating in this process.\u201d<\/p>\n<p>Since July Boohoo has been facing ramped-up allegations that it has not taken the right steps to ensure that workers in its supply chain are treated correctly.<\/p>\n<p>Last month, a top QC, who was appointed by Boohoo to probe the allegations, found that there were \u201cserious issues\u201d in the company\u2019s supply chain.<\/p>\n<p>Alison Levitt said: \u201c<strong>Boohoo has not felt any real sense of responsibility for the factory workers in Leicester<\/strong> and the reason is a very human one: it is because they are largely invisible to them.\u201d<\/p>\n<p>She said bosses had been aware of problems at their suppliers since at least the end of last year.<\/p>\n<p><a href=\"https:\/\/www.theindustry.fashion\/subscribe-now\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-144088 size-full\" src=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/Daily-Newsletter-Banner.png\" alt=\"Newsletter banner\" width=\"1680\" height=\"268\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":68,"featured_media":140662,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[16088,3791,5707,13593],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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