Tesco
is being monitored by the UK's accountancy watchdog, following Monday's
admission that it overstated its half-year profit guidance by £250m.
The
Financial Reporting Council (FRC) said it was "monitoring the situation
closely," but would not act until Tesco's own investigation was completed.
The
FRC can issue fines for misconduct.
It
can also, via an independent panel, suspend individuals and firms from the
professional accounting body.
"It
will consider the outcome of the investigation announced by the company and
determine whether it should take regulatory action," the FRC said in a
statement.
However,
the FRC said
