Thomas Cook auditors investigated by accounting watchdog | Business News


An inquiry has been launched by the accounting watchdog into the auditors of the collapsed travel giant Thomas Cook.

The Financial Reporting Council (FRC) will look at the audit for the year ended 30 September 2018 and decide if any action should be taken against the big four financial services firm EY.

The firm’s failure last week left around 9,000 staff in the UK jobless and more than 150,000 British holidaymakers stranded abroad.

The FRC said in a statement: “The investigation will be conducted by the FRC’s enforcement division under the audit enforcement procedure.

“The FRC will keep under close review both the scope of this investigation and the question of whether to open any other investigation in relation to Thomas Cook, liaising with other relevant regulators to the fullest extent permissible.”

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