Accounting scandal-hit Tesco drops auditor PwC after 32 years
[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
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Holiday Inn owner IHG’s Q1 revenue up 2.6%, leisure travel demand remains strong
WSJ moves Asia headquarters from Hong Kong to Singapore
South Korea to slap fines on food suppliers for ‘shrinkflation’
Olam outbids Dreyfus’ sweetened deal for Australia’s Namoi, raises offer to A$0.66 per share
Live Nation’s revenue beats estimates as boom in concerts drive ticket sales
Jim Beam owner bets on canned vodka cocktails to double revenue