THE FRC has scrapped its probe 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.
Increase governance without stifling competitiveness; enforce already-in-place rules; were the key messages from the business community after the government released a green paper on governance
Our latest in a daily series of interviews with FDs showcases Semafone CFO Katherine Grover, who talks about the changing focus of her role, and big projects for the year ahead
Caxton FX has appoints Trevor Price as its next chief financial officer