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Accounting scandal-hit Tesco drops auditor PwC after 32 years

Monday, May 11, 2015 - 21:19
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Britain's troubled supermarket giant Tesco, which sank into a record loss after an accounting error, said Monday it has dropped its auditors of 32 years, PricewaterhouseCoopers.

[LONDON] Britain's troubled supermarket giant Tesco, which sank into a record loss after an accounting error, said Monday it has dropped its auditors of 32 years, PricewaterhouseCoopers.

In a statement, the group said it has appointed Deloitte as its new auditors after a tender process, in which PwC had agreed to not participate.

Tesco was hit by crisis last September, when it revealed that it had overstated profits by £263 million (US$424 million, 333 million euros) as a result of accounting errors stretching back to before 2013.

Britain's Serious Fraud Office is probing the accounting blunder at Tesco, which is the world's third-biggest supermarket chain after France's Carrefour and global US leader Walmart.

AFP