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| Tesco PwC accounts probe called off | |
| (35 minutes later) | |
| The Financial Reporting Council (FRC) has announced that it is ending its inquiry into Tesco's accounts for 2012, 2013 and 2014. | The Financial Reporting Council (FRC) has announced that it is ending its inquiry into Tesco's accounts for 2012, 2013 and 2014. |
| The FRC is an independent disciplinary body for UK accountants and actuaries. | The FRC is an independent disciplinary body for UK accountants and actuaries. |
| Its two-and-a-half-year investigation looked at business services giant PwC's auditing and preparation of Tesco's accounts. | Its two-and-a-half-year investigation looked at business services giant PwC's auditing and preparation of Tesco's accounts. |
| However, it said it had concluded there was "not a realistic prospect" that PwC would be found guilty of misconduct. | However, it said it had concluded there was "not a realistic prospect" that PwC would be found guilty of misconduct. |
| At the same time, the FRC said it was continuing to investigate other chartered accountants who were auditors of Tesco. | |
| Auditors switched | |
| The investigation stemmed from Tesco's 2014 accounting scandal, in which profits were overstated by £326m. | |
| Tesco said it had incorrectly booked payments from its suppliers. | |
| In March this year, Tesco was fined £129m over the affair. It also agreed with the Financial Conduct Authority (FCA) to spend £85m on compensating investors. | |
| PwC is no longer Tesco's auditor, having been replaced by Deloitte in 2015. |