Oct 1, 2019

Thomas Cook collapse will intensify audit debate, PwC says

The collapse of Thomas Cook will intensify the politically charged debate in the UK over what should be expected from an audit, says the global chairman of PwC, the travel company's auditor for almost a decade. The Financial Reporting Council, the UK accounting regulator, has said it is considering an investigation into the demise of Thomas Cook, which was audited by PwC between 2008 and 2017, when rival Big Four firm EY took over. Thomas Cook's high-profile implosion last week comes months after the UK government commissioned a review into an audit market dominated by PwC, EY, Deloitte and KPMG. If we continue to improve and keep doing what we're doing, I think the risk is minimal at best. "At a minimum, Thomas Cook is an example of what is the relevance of the audit opinion," said Mr Moritz, who was speaking as PwC on Tuesday revealed a 7 per cent rise in global revenues to a record $42.4bn for its latest financial year. Mr Moritz said he believed recent changes to its UK business, such as splitting its audit and assurance business, was "Sufficient" to convince MPs not to force a break-up of the Big Four.

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