Home Business NewsBusiness More woe for Tesco with yet ANOTHER investigation

More woe for Tesco with yet ANOTHER investigation

by LLB Reporter
22nd Dec 14 11:10 am

Just when you thought things couldn’t get any worse for Britain’s biggest retailer…

Tesco will be the subject of yet another investigation into its highly questionable accounts.

The Financial Reporting Council (FRC) will investigate accounts for 2012, 2013 and 2014.

The BBC reports that the investigation will also cover PwC’s auditing of Tesco.

Tesco is already the subject of an investigation by the Serious Fraud Office into how it managed to overstate its profits by a cool £263m.

Tesco appointed Deloitte and legal firm Freshfields to investigate internally, who found that Tesco had overstated profits by £118m in the first half of 2014, by £70m in the 2013-14 financial year, and by £75m for 2012-13.

They also said that Tesco could have been overstating earnings and profits for years.

 

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