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.
Chartered accountant Colin Adams rebuilt the AIM listed company’s finance team and helped turn the business around after a challenging period
Travis Perkins to close 30 branches and could cut as many as 600 jobs, the builders’ merchant said, as it warned on full year profits
O2's new CFO Patricia Cobian discusses the joined-up approach required to improve digital connectivity - and its vital role in improving the UK's economic growth prospects