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TheWorks.co.uk PLC - Birmingham, England-based retailer of books, arts and crafts, stationery, toys and games - UK Financial Reporting Council imposes a financial sanction of £1.8 million - reduced to £1.0 million for cooperation - on KPMG LLP for its audit of TheWorks.co.uk’s financial 2020 results. Also fines Anthony Sykes, the engagement partner at KPMG for the audit, £75,000, reduced to £43,875. The regulator says KPMG and Sykes admitted breaches related to the audit of inventory, including ‘failure to respond appropriately to variances in stock counts identified during controls testing’. TheWorks.co.uk reported at the time a pretax loss for that financial year of £18.0 million, due to impairment charges related to the impact of the Covid-19 pandemic. The financial year had ended on April 26, 2020. Current stock price: 31.62 pence 12-month change: down 43% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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