Kraft Heinz has received a subpoena from the Securities and Exchange Commission over its procurement accounting policies.

The food giant also reported a net loss of $12.7bn (£9.74bn) in its fourth quarter after writing down the value of its assets by $15.4bn impairment charge, and slashing its dividend.

The writedown is a stark admission that changing consumer tastes have severely eroded the value of some of its best-known brands, which also include Capri Sun drinks and Oscar Mayer hot dogs.

Shares tumbled 17pc in New York after revealing the investigation and are set to plunge further when trading begins on Friday.

Kraft Heinz said it was cooperating with the regulator and had launched an internal investigation into accounting practices in its procurement division.

“The company is in the process of implementing certain improvements to its internal controls to mitigate the likelihood of this occurring in the future and has taken other remedial measures,” it said.

Kraft Heinz added that it "does not expect the matters subject to the investigation to be material to its current period or any prior period financial statements”.

The company was created in 2015 through a merger orchestrated by famed investor Warren Buffett and the private equity firm 3G Capital, which also owns fast food chain Burger King.