By Jonathan Davies

The Financial Reporting Council (FRC) will investigate Tesco's accounts for 2012, 2013 and 2014.

The FRC's investigation is the latest to be launched after Tesco admitted a £263 million overstatement of its profits.

Deloitte conducted an internal investigation on behalf of Tesco immediately after the announcement, and the City regulator the Financial Conduct Authority (FCA) and Serious Fraud Office (SFO) launched their own investigations shortly after.

It is understood that the FRC's investigation will include the PwC's auditing and preparation of Tesco's accounts.

Amidst the various investigations, Tesco also cut its annual profit forecast by £1 billion.

It's share price has fallen by nearly 50% in 2014.

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