A PYMNTS Company

UK: Thomas Cook’s auditor EY probed

By  |  October 1, 2019

The UK accountancy watchdog has launched an investigation into the collapse of travel firm Thomas Cook.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The Financial Reporting Council’s (FRC) probe will look at the audit of the company by accountancy giant EY for the year ending 30 September 2018. 

    The FRC’s enforcement division will carry out the investigation and has the power to impose unlimited fines and suspend individual accountants.

    Thomas Cook collapsed last week after being unable to raise emergency funds. The collapse of the 178-year-old firm last week put 9,000 staff in the UK out of work – and left 150,000 British holidaymakers stuck overseas.

    Full Content: Financial Times

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.