UK regulator to look into Tesco accounts

London

TESCO plc's accounts for the past three financial years will be investigated by the Financial Reporting Council, the British audit authority said, adding to one of the toughest years in the UK supermarket leader's history.

The probe will focus on the preparation, approval and auditing of financial statements for the fiscal years ended February 2012, 2013 and 2014, the FRC said on Monday. The authority will also look at "conduct in relation to matters reported" in Tesco's latest first-half results.