WH Smith cuts profit forecasts after £30m accounting error

Retailer launches independent review after mistake relating to North American arm was discoveredWH Smith has cut its financial forecasts and launched an independent review after an accounting blunder led the retailer to overstate profits by £30m.The group discovered the mistake, which related to its North American business, while preparing its year-end results. The stationery to sweets retailer said it was largely because it had logged some of its income too early.