The Financial Conduct Authority has launched a "full investigation" into a Tesco accounting error, which saw the supermarket chain overstate its profit by £250m.
Tesco, which is Britain's biggest retailer, said it is co-operating fully with the watchdog.
The chain said it would update the City on its own internal investigation into the error when its full-year results are released on 23 October.
The company commissioned accounting firm Deloitte to undertake its independent review.
Four senior executives have been suspended, including UK managing director Chris Bush, pending the outcome of the probes.
Last week Tesco announced the accounting error, after it issued a profit warning in August.
It also emerged the company had not had a finance chief in place for months.
The £250m figure relates to how it logs suppliers' rebates and if they were reported in the correct accounting period.
A whistleblower revealed the tactic to the company's most senior legal representative and its new chief executive Dave Lewis was alerted to the error.
He then launched the internal investigation, ahead of its third profit warning in as many months.
Mr Lewis said the four staff suspensions allowed it to carry out a "full and frank" inquiry and the decision was neither a disciplinary action nor an indication of guilt.
Although Tesco is roughly the size of Sainsbury's and Morrisons combined, it has suffered amid the rise of German discounters Aldi and Lidl, and more discerning consumer palates.
It was also embroiled in last year's horsemeat food contamination scandal, putting its supply chain under scrutiny.
In a strategic move to bolster its position in case of a credit rating agency downgrade Tesco has secured a £2.5bn 'warchest', as first revealed by Sky News City Editor Mark Kleinman.
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