What lessons can be learned from Tesco after the UK supermarket chain embarked on excessively aggressive accounting to boost profits - http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/sa/features/tesco-scandal.html
How does this relate to your studies?
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Ethics and Accounting practices, the essence of auditors, though not to guarantee, but to the best of their knowledge spot anomalies whether material or not, seeing that Pwc has been Tesco's auditor for a while now, how is it that they never identified or kept certifying that all was well with Tesco's books. I'll commend the management for taking the initiative of having Deloitte audit their books, this action might just have prevented a going concern issue for Tesco in the future as was the case of ENRON.
nice one . more of this.
We can relate the issue in this case with the paper 1. which can help us absorb key component easily i.e. corporate governance. forensic accounting issue, where the CSR , duty owe to the minority shareholder .
Besides, we can use this case as a reference when we study the issue-issue which need to remember .
An excellent case study for P1 paper.
Ethics are getting more significance in accounting, reporting and governance for all those in position of responsibility as such scandals are coming on surface.
I agree P1, this issue can also feed into P3 from a Business Analysis point of view and of course P7 Advanced Audit.