FRC statement about Tesco's trading announcement
News types: Statements
Published: 24 September 2014
The FRC is monitoring the situation following Tesco’s announcement closely. The FRC has disciplinary powers in relation to misconduct by accountants and, through the Financial Reporting Review Panel, can also require a company to restate its financial statements. The FRC does not have powers to monitor or require restatement of unaudited trading statements. It will consider the outcome of the investigation announced by the company and determine whether it should take regulatory action.