PracticeAuditDeloitte quits as auditor of Harry Potter licensee

Deloitte quits as auditor of Harry Potter licensee

Deloitte Touche Tohmatsu relinquishes auditor role at Chinese retailer because its management could not provide enough financial information

DELOITTE HAS QUIT as auditor of Chinese children’s clothing retailer and Harry Potter licensee Boshiwa International due to a lack of financial information.

In a resignation letter Deloitte Touche Tohmatsu said it was unable to complete its audit because the company’s management had not provided enough financial information, the Financial Times reports.

A statement from Boshiwa said the auditors stepped down because information requested by them in relation to their audit was “outstanding or explanations provided by the company’s management are not to their satisfaction.”.

Deloitte said it had “concerns about amtters pervasive to the financial statements”, including a recorded pre-payment amounting to Rmb392m (£39.4m) to a supplier of the retailer.

Boshiwa suspended its shares on the Hong Kong stock exchange yesterday. As it is likely the company will be unable to publish its annual results at the end of the month, it will be in breach of stock exchange rules.

Corporate governance concerns has led to the resignation of dozens of auditors to Chinese companies in recent years.

 

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