11th May 2015 10:44
LONDON (Alliance News) - Tesco PLC Monday said is has appointed Deloitte LLP as the company's new statutory auditors, replacing current auditors PricewaterhouseCoopers LLP.
Tesco said it and PwC had come to a mutual agreement that PwC would not take part in the tender process for its audit contract, and will therefore stand down at the conclusion of Tesco's 2015 AGM.
The change in auditors comes after Tesco admitted it had overstated profits in recent years by booking revenue too early, resulting in the retailer swinging to a GBP7.0 billion loss in its mostly recently completed financial year as it booked various impairments and charges relating to the accounting issue.
"On behalf of the board, I would like to thank PricewaterhouseCoopers LLP for their significant contribution over the past 32 years, and we look forward to working with Deloitte LLP going forward," Chairman John Allan said in a statement.
Shares in Tesco were trading up 1.9% at 233.30 pence Monday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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