The audit failures relate to the statutory audits of the financial statements of Laura Ashley Holdings plc for the financial years ended 30 June 2018 and 30 June 2019.

UHY Hacker Young, which was appointed as auditor in May 2018, was given a severe reprimand and a financial sanction of £300,000, discounted for aggravating and mitigating factors to £217,500, while the audit engagement partner Martin Jones was also fined.

In an unusual move, the regulator said that UHY cannot accept any new appointments as a statutory auditor to any public interest entity (PIE) for nearly two years until 11 May 2024. FRC acknowledged that ‘the departure of the firm from the public interest entity audit market will further impact its potential revenue and profit’.

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