Tesco’s accounting scandal helps demonstrate that continuous “improvements” underlying the UK Code of Corporate Governance have, over the past 23 years, amounted to little more than a minor facelift.
Just six days after Britain unveiled its improved flagship set of guidelines for good corporate governance there was a Tesco-shaped party pooper lurking around the corner.
The supermarket giant admitted to accounting flaws that wiped hundreds of millions off its stock price, graphically demonstrating that the flawed accounting and audit culture that provided the basis for the Cadbury Report in 1992 is still very much present.
It also shows that the claim to continuous “improvements” underlying the
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