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UK’s FRC extends investigation into EY over Thomas Cook audits

The UK’s Financial Reporting Council (FRC) has extended its investigation into collapsed travel company Thomas Cook Group’s former auditor’s EY.

The FRC is already investigating the Big Four firm’s audit of Thomas Cook for the year ended 30 September 2018 but will now also cover its audit of the company’s financial statements for the year ended 30 September 2017.

Thomas Cook collapsed in late September, leaving 155,000 tourists stranded outside of the UK which led to the largest peacetime government repatriation effort in British History. The FRC launched its initial investigation into EY shortly after.

A spokesperson for EY said: “We can confirm that EY has been notified of the FRC’s intention to extend its investigation into the audit of Thomas Cook Group plc to include the audit for the year ended 30 September 2017. We will be fully cooperating with FRC during their enquiries. It would be inappropriate to comment further at this time.

EY took over as the company’s auditor from PwC in 2017.

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