• Register
Return to: Home > News > Regulation > SFO launches investigation into accounting practices at Tesco

SFO launches investigation into accounting practices at Tesco

The Serious Fraud Office (SFO) has launched a criminal investigation into accounting practices at Tesco, in the latest blow to the British grocer following the September announcement of a profit overstatement.

The SFO launched its investigation a week after Deloitte, appointed by Tesco to look into its accounts, published its findings and a week after the resignation of Tesco chairman Richard Broadbent.

Deloitte's review found the error to be higher than initially forecast at £263m, with overstatements totalling £118m in the first half of the year, £70m in the previous financial period and £75m prior to 2013/2014.

As a result of the SFO's investigation, the Financial Conduct Authority (FCA) has discontinued its own inquiry.

 

Related articles:

Tesco chairman resigns as Deloitte investigation finds accounting blunder larger than anticipated

Tesco revised outlook points to "aggressive" accounting practices

FRC "monitoring" Tesco as industry weighs in on causes

UPDATE: Tesco under investigation by the FCA

 

Top Content

    Nigeria: building compliance and engagement

    Opportunities created by regulatory and legislative changes in Nigeria are tempered by the fragile state of the economy, although practitioners are generally confident that conditions will improve over the next few years if appropriate steps are taken. Paul Golden reports.

    read more

    Ghana: a quest for consistency

    Ghana’s current economic profile would suggest a fertile landscape for purveyors of accounting services. But inconsistent approaches to compliance and application of standards – coupled with problems in the banking sector and consequent liquidity constraints – have created a challenging environment. Paul Golden writes.

    read more

    Drone technology: audit takes to the skies

    The movement towards a digitised era has already impacted the auditing profession in a number of ways, from blockchain to artificial intelligence. Now firms are taking to sky and using drone technology in their audits. Mishelle Thurai speaks to Big Four firms to find out more.

    read more

    SBC: a new alliance joins the market

    Jonathan Minter speaks to Paul Tutin, chair of founding firm Streets Chartered Accountants, about why the business and its European partners took the decision to launch their own association.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.