Tesco accounting error 'stratospheric'

Tesco executives could be quizzed by MPs after its "stratospheric" error over profits, the chairman of the Parliamentary Business Committee, Adrian Bailey, has told the BBC.

He told Radio 5 live's Wake Up To Money it was "unbelievable" that the retailer could get into "such a mess".

On Monday, Tesco admitted that it had overstated its guidance for half-year profits by £250m.

The UK's accountancy watchdog says it is "monitoring the situation closely".

However, the Financial Reporting Council, said it would not act until Tesco's own investigation was completed.

Too little, too late?

On Tuesday, Tesco said that its new chief financial officer, Alan Stewart, would be joining the company immediately, more than two months earlier than originally planned.

He replaced Laurie McIlwee, who resigned from Tesco in April but was not due to leave the company officially until October.

On Wednesday evening, Tesco admitted that

Tesco fast-tracks new finance chief Alan Stewart

Troubled supermarket giant Tesco has said that its new chief financial officer, Alan Stewart, is joining the company immediately, more than two months earlier than originally planned.

Mr Stewart was previously in the same post at Marks and Spencer.

His arrival fills a gap left by Laurie McIlwee, who left just over a week ago, following his resignation in April.

On Monday, Tesco stunned the markets by saying it had overstated its half-year profit guidance by £250m.

It has launched an investigation headed by Deloitte, and says it is now working to establish the impact of the issue on its full-year results.

It has also suspended four executives, including its UK managing director, Chris Bush.

Tesco is also believed to have suspended its UK finance director Carl Rogberg, its food commercial director John Scouler and the head of food sourcing, Matt Simister.

Tesco shopping Tesco has been battling falling sales and