The U.K. Financial Reporting Council has ended its third and final investigation into the Tesco accounting scandal. Like its other probes into why—and how—Tesco managed to overstate its profits by £250 million (U.S. $317.5 million) between 2012 and 2014, the FRC was unable to find anyone responsible.

Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...