Skip to content
Subscriber Only

Tesco Ends 32-Year PwC Relationship After Accounting Scandal

Updated on

Tesco Plc ended a 32-year relationship with PricewaterhouseCoopers LLP by hiring Deloitte LLP as its new auditor, seeking to draw a line under a 263 million-pound ($406 million) accounting scandal.

The U.K.’s largest supermarket company selected Deloitte following a formal tender process, Tesco said Monday. The tender is the first Tesco has held since it first appointed PwC in 1983, exceeding the maximum 10-year tenure recommended in the Financial Reporting Council’s corporate-governance code.