TESCO AND PWC SPLIT AFTER 32 YEARS

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.”