City watchdog investigates accounting blunders at WHSmith which led to overstated US profits
The City watchdog is looking into accounting blunders at WH Smith.The Financial Conduct Authority is making enquiries into the retailer after accounting errors were uncovered in its North American business.Carl Cowling stepped down as its chief executive last week after an independent review of the North American division identified an overstatement of around £30million in expected trading profit.The error prompted a cut in the profit outlook of the division – its second largest – to about £25million, down from a previous forecast of about £55million.‘We are aware of the reports and we are engaging with the firm,’ a spokesman for the regulator said. Accounting errors: The Financial Conduct Authority is making enquiries into WHSmith after accounting errors were uncovered in its North American businessDIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you
Share or comment on this article:
City watchdog investigates accounting blunders at WHSmith which led to overstated US profits
