Accounting watchdog launches inquiry into Tesco

Britain’s accounting watchdog has launched an inquiry into the preparation, approval, and audit of Tesco’s accounts over the last four years, including the role of external auditor PwC.

Tesco said in September that it had overstated first-half profits by £250m (€319m) due to incorrectly booking payments from suppliers — a figure later raised to £263m, compounding earlier profit warnings.

The scandal led to the suspension, then exit, of several senior executives and sparked a series of investigations — including by Britain’s Serious Fraud Office — and possible investor lawsuits both in Britain and the US.