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October 29, 2014

SFO launches investigation into accounting practices at Tesco

By Isabella Grotto

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

 

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