ACCOUNTANCY WATCHDOG the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal.
The FRC announced it has scrapped its investigation into Laurie McIlwee, who was in charge of Tesco’s finances until his resignation in April 2014, five months before the retailer admitted it had overstated its first half profits by £263m.
In December 2014, the FRC launched an investigation into the actions of Tesco’s finance team and the role of its auditor, PwC, after accounting errors in supplier contracts led to the creation of an accounting black hole and forced Tesco to suspend a number of senior executives.
The FRC concluded there was “no realistic prospect that a Tribunal would make an adverse finding in relation to the conduct of Mr Laurie McIlwee”.
PwC remains under investigation by the FRC. The Serious Fraud Office is also investigating Tesco’s accounting practices.
Accountancy Age Jobs is delighted to announce the launch of a brand new look website for finance and accountancy professionals
The UK gender pay gap will not close until 2069 unless action is taken to tackle it now, according to new research by Deloitte
Board members of accounting standard setter the IASB have come under fire for the size of their remuneration packages amid scrutiny of how the organisation is governed
Three former Tesco executives, including the former finance director of Tesco UK, have been charged with fraud by the Serious Fraud Office in relation to a £263m accounting scandal at the retailer.