Tesco accounts probed

TescoBritain’s accounting watchdog has launched a probe into Tesco’s accounts after the troubled supermarket giant admitted overstating its profits earlier this year.
The Financial Reporting Council (FRC) said in a brief statement that it will investigate the financial figures for the last three years reported by Britain’s biggest retailer and audited and prepared by PricewaterhouseCoopers (PwC).
“The FRC has launched an investigation under the Accountancy Scheme into members and a member firm in relation to the preparation, approval and audit of the financial statements of Tesco PLC,” it said.

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