Jun 5, 2017

Tesco PwC accounts probe called off

The Financial Reporting Council has announced that it is ending its inquiry into Tesco's accounts for 2012, 2013 and 2014. The FRC is an independent disciplinary body for UK accountants and actuaries. Its two-and-a-half-year investigation looked at business services giant PwC's auditing and preparation of Tesco's accounts. It said it had concluded there was "Not a realistic prospect" that PwC would be found guilty of misconduct. The investigation arose from Tesco's 2014 accounting scandal, in which profits were overstated by £326m. In March this year, Tesco was fined £129m over the affair.

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