Audit watchdog ends probe into Tesco’s £326m accounting scandal

The Tesco board was grilled at its AGM

The audit watchdog has closed its investigation into Tesco almost six years on from its accounting scandal.

The Financial Reporting Council’s (FRC) probe into accountants at the supermarket giant was launched following Tesco’s shock revelation in September 2014 that it had overstated profits by £263m. The figure was later revised up to £326m following an independent audit, leaving Tesco in crisis.

The FRC had already closed its investigations into Tesco’s ex-finance boss Laurie McIlwee back in 2016 and the grocer’s former auditors PwC.

The separate probe into the accountants working within the Tesco team at the time had been paused pending the outcome of the Serious Fraud Office (SFO) trial of three former Tesco executives.

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