Oct 22, 2019
PwC and EY accused of complicity in Thomas Cook collapse
MPs have accused two of the UK's Big Four accounting groups of being "Complicit" in the failure of Thomas Cook, slamming one, the travel group's former auditor PwC, over an alleged conflict of interest in its pay advice to executives. EY, which audited Thomas Cook from 2017 until it went bust last month, and PwC, which checked its books between 2007 and 2016, were forced to defend their audits in a Commons business select committee hearing on Tuesday. PwC earned £4m providing remuneration advice to Thomas Cook between 2007 and 2011. In total, PwC was paid £21m by Thomas Cook for non-audit services during its tenure as auditor. EY is being investigated by the Financial Reporting Council over its 2018 audit of Thomas Cook.
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