By Ed Ballard
LONDON--Tesco PLC (TSCO.LN) has replaced PricewaterhouseCoopers
LLP, the grocer's auditor since the 1980s, with its rival Deloitte
LLP, in the wake of an accounting scandal.
Tesco, the U.K.'s largest supermarket chain, selected Deloitte
following a tender process, it said Monday. Tesco and
PricewaterhouseCoopers "mutually agreed" that PwC wouldn't take
part in the tender, the supermarket said.
"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," said Tesco
Chairman John Allan.
In September, following a string of profit warnings, Tesco said
it had uncovered a 250 million pound ($385.8 million) overstatement
of its earnings for the first half of last year. In December, the
U.K.'s Financial Reporting Council said it would investigate three
years' worth of Tesco's accounts.
Write to Ed Ballard at ed.ballard@wsj.com
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