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Calls to investigate KPMG over Ted Baker errors

The accountancy watchdog has been called on to investigate KPMG following errors which led to lifestyle retailer Ted Baker overstating its inventory by up to £58m.

In December, Ted Baker warned investors that it had overstated the value of its stock by £25m for the year to 26 January 2019.

Last month, an independent review from accountancy firm Deloitte was expected to report that the value was misrepresented by £58m – more than double the originally estimated £25m.

The Mail on Sunday reports that there are now calls for the Financial Reporting Council (FRC) to investigate KPMG over the errors.

Prem Sikka, a professor of accounting at the University of Sheffield who advised MPs on audit reform and Rachel Reeves, House of Commons business committee chairman are among those calling for an investigation.

KPMG declined to comment on the reports.

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