BusinessCompany NewsFRC scraps investigation into former Tesco CFO

FRC scraps investigation into former Tesco CFO

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

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.

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