Dec 19, 2019

Accounting regulator extends probe into EY audit of Thomas Cook

The UK's accounting watchdog has widened the scope of its investigation into EY's auditing of collapsed travel group Thomas Cook so that it now includes both the years 2017 and 2018. The Financial Reporting Council in October launched a probe into the Big Four firm's audit of Thomas Cook's accounts for the year to September 30, 2018 and said at the time it would keep the scope of the investigation "Under close review". Thomas Cook collapsed in September after 178 years of operation as rescue talks between banks, shareholders and the UK government fell apart. In a business select committee hearing in parliament in October, MPs criticised the auditors for repeatedly signing off the company's accounts with a clean bill of health despite admitting they had raised significant risks to its financial stability with its board and had concerns over some of its accounting practices. Get alerts on Thomas Cook Group PLC when a new story is published.

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