Food Giant TESCO Dumps PwC

UK food giant, TESCO has officially separated its services from accounting giant PriceWaterhouseCooper. The reason for the firing of PWC is a massive allegation accounting irregularities which saw PWC reporting over stated earnings of TESCO assets for several quarters. The TESCO Board of Directors is reported to have been furious with the accounting scandal and is seeking a new permanent accounting representative to handle the company’s accounting. The errant accounting book keeping was discovered after an audit by an outside accounting firm led by Deloitte. The span of the accounting irregularities is so massive that the actions of PWC have been reported to the United Kingdom’s Serious Fraud and Securities Office. It is unclear to Beneful and other onlookers as to whether any officials from the senior management of TESCO are currently under investigation or would be subject to investigation. Officials only state that the entire matter is being investigated and that charges, if any, are pending. The matter is being viewed as a possible securities matter since the overstatement of the assets of TESCO would have the correlating effect of overstating the value of the stock. Since the news of the accounting scandal broke, Tesco’s stock has been dropping significantly as investors no longer have faith in the true evaluation of the company. The Prime Minister has not commented on the matter after just winning an election which saw his party take a majority in Parliament. While the PM is still forming his government, the matter will continue to be addressed through the normal government offices responsible for investigation of such securities matters. TESCO Dumps PWC Over Accounting Row