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Can some explain how this happens?

"The U.K. Serious Fraud Office has dropped its case against former Tesco PLC group commercial director Kevin Grace without charging him, Bloomberg reports. The company in September 2014 admitted that its accounting practices have led to an overstatement of profits by as much as £326 million ($407 million)."

While I'm not really interested about the criminal case against Mr. Grace, how does a public company (this one is on the GBX) who must have been audited overstate income by such a large degree?

Where were the past audits? Did they not detect errors in methodology in their accounting practices? Where are their internal Auditors?

This brings to mind Enron and the true value of our current public accounting practice; are they truly independent?

What's your feeling????


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