Supermarket giant Tesco has appointed a new auditor following one of the worst years in the supermarket’s history where it was forced to declare a £263 million black hole in its accounts.
Tesco has appointed rival Big Four accountant Deloitte to the role after a tender process. The supermarket had agreed with PwC that it would not take part in the new tender for audit work, ending a relationship that had lasted 32 years.
Tesco chairman John Allan said: “On behalf of the board, I would like to thank PricewaterhouseCoopers for their significant contribution over the past 32 years, and we look forward to working with Deloitte going forward.”
PwC said: “We mutually agreed with Tesco that we would not take part in the tender process and will stand down as the company’s auditors after the conclusion of the 2015 AGM.”