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Watchdog ‘closes’ probe into Tesco

07 June 2017

The FRC has announced the closure of its investigation into the conduct of PwC’s audit of Tesco plc.

The executive counsel to the FRC has concluded that there is not a realistic prospect that a Tribunal would make an adverse finding against PwC within the current scope of the investigation.

The investigation into other members of the accountancy bodies is on-going.

Meanwhile, the three former Tesco directors charged with fraud are seeking to have the case against them dismissed. They are arguing that no false accounting took place.

Barristers for Carl Rogberg, John Scouler and Christopher Bush have said they will argue that Tesco should not have restated its profits in the first place! The three are charged with one count of false accounting and one count of fraud by abuse of position after a £326m hole was found in Tesco’s accounts.

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