Retailer Sports Direct has delayed publishing its annual results, warning that problems in integrating its purchase of House of Fraser stores and increased scrutiny of its accounts could affect the financial guidance it gave in December.

Accounting giant KPMG has been fined and reprimanded by UK regulators over a defective audit of Britain’s Co-op Bank and its audits of lenders will face additional checks for three years.

Two of the Big Four accounting firms said they will stop offering consulting services to audit customers in an effort to restore public trust in a sector shaken by corporate scandals.

The world’s ‘big four’ accounting firms will face potential fines of £10m (€11.5m) or more, in the UK, for serious rule breaches from June.