The UK’s accountancy watchdog has wound up its investigation into PwC audits of Tesco, concluding there is “not a realistic prospect” that a tribunal would rule against the auditor over its involvement in the supermarket chain’s 2014 scandal.

In a statement, the Financial Reporting Council said the investigation into the role of other accountancy bodies is still under way.

The investigation harks back to an admission by Tesco in 2014 that it had overstated half-year profits by some £250m, raising questions over whether PwC could have prevented the issue.

This May, PwC took a record £5m fine for “misconduct” in relation to its audit of Connaught, a social housing group, in 2010.

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