London — A regulatory probe into PricewaterhouseCoopers related to Tesco’s accounting scandal was dropped as the Financial Reporting Council said there was little chance of an adverse finding in the case. The Financial Reporting Council said on Monday, however, that it would continue investigating other Tesco auditors. The decision is the latest twist in a nearly three-year-old saga at Tesco that has already spawned sweeping management changes, fines and criminal charges. Tesco announced in September 2014 that it had overstated profits by £263m, a figure that was increased to £326m following an independent audit. Earlier this year, the Serious Fraud Office and the Financial Conduct Authority reached deals with the grocer that led to a combined £214m in fines. Last year, the Financial Reporting Council closed an investigation into Tesco’s former chief financial officer, Laurie McIlwee, saying there was not a "realistic prospect" that misconduct would be found in the case. Three other...
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