more-arw search

Q&A Forum

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????

244 views

Get Free Membership

By signing up, you will receive emails from Proformative regarding Proformative programs, events, community news and activity. You can withdraw your consent at any time. Contact Us.

Business Exchange

Browse the Business Exchange to find information, resources and peer reviews to help you select the right solution for your business.

Learn more

Contribute to Community

If you’re interested in learning more about contributing to your Proformative community, we have many ways for you to get involved. Please email content@proformative.com to learn more about becoming a speaker or contributing to the blogs/Q&A Forum.