The Financial Reporting Council (FRC) last week announced the closure of its investigation into accountants working within Tesco relating to Tesco PLC’s (Tesco) overstatement of profit of approximately £250m as announced to the market in September 2014.
The investigation commenced in December 2014 with the following scope:
“The conduct of Members and a Member Firm in relation to the preparation, approval and audit of the financial statements of Tesco plc for the financial years ended 25 February 2012, 23 February 2013 and 22 February 2014 and the preparation, approval and review of financial information relating to the 26 weeks ended 23 August 2014 leading to the publication of the company’s interim results on 23 October 2014.”
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