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Tesco ditches PwC following accounting scandal

Tesco has appointed Deloitte as its new auditor following its accounting scandal, ending a 32 year partnership with PwC.

The move comes as it is revealed PwC did not take part in a formal tender process.  

Tesco said: “We and PwC mutually agreed that they would not take part in the tender process. PwC will therefore stand down as the company’s auditors at the conclusion of the 2015 annual general meeting.”

Tesco said in September it had overstated first-half profits by £250m due to incorrectly booking payments from suppliers, a figure it later raised to £263m.

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