Situation gets stickier for Krispy Kreme

Situation gets stickier for Krispy Kreme

Embattled confectionery business, Krispy Kreme Doughnuts, has come under increasing scrutiny over an alleged hole in its accounts after its auditors delayed signing them off.

Link: Sticky situation for Krispy Kreme Doughnuts

PricewaterhouseCoopers has instead asked that an outside law firm hired by the doughnut-maker complete ‘certain additional procedures’ before it finalises its review, The Daily Telegraph reported.

Auditor concerns are believed to relate to an acquisition made last year – the law firm, which has not been named, has already concluded that no employee of Krispy Kreme engaged in ‘intentional misconduct’.

This is just the latest in a chain of bad news for the doughnut business, which has seen sales fall after expanding rapidly.

It gave a profits warning in May and faces an inquiry by the Securities & Exchange Commission into its accounting, which is at the ‘informal’ stage.

Krispy Kreme, based in the US, has four stores in the UK including one in Harrods and one at Canary Wharf.

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

5m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

9m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

1y Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor