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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.

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

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