UK Watchdog to Probe PwC Over Tesco Accounting Scandal
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|Britain's accounting watchdog, the Financial Reporting Council (or FRC), said on Monday it had launched an inquiry into Price Waterhouse Coopers over its auditing of Tesco's 2012, 2013 and 2014 accounts. In October Tesco, Britain's biggest retailer, said it had misstated its profits by 411 million dollars, compounding a disastrous run of profit warnings. The watchdog has powers to sanction accounting firms and their staff for failing to apply book-keeping rules properly.
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