News May 2014 Investigation announced in connection with Computer 2000 Distribution Ltd

Investigation announced in connection with Computer 2000 Distribution Ltd

12 May 2014

PN 029/14

The Financial Reporting Council (FRC) has launched an investigation under the Accountancy Scheme into the preparation and approval of the financial information of Computer 2000 Distribution Limited (C2000) related to the years ended 31 January 2009 to 31 January 2013 inclusive. The decision to investigate follows the announcement dated 5 February 2014 by C2000’s US parent company, Tech Data Corporation (Tech Data), of the conclusion of an independent investigation into Tech Data’s accounting practices across Europe and the consequent restatement of Tech Data’s consolidated financial statement  and other financial information relating to those years.

Notes to editors:

The FRC is responsible for promoting high quality corporate governance and reporting to foster investment.  We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work.  We represent UK interests in international standard-setting.  We also monitor and take action to promote the quality of corporate reporting and auditing.  We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.