• Register
Return to: Home > News > UK’s FRC launches investigation into Thomas Cook audit

UK’s FRC launches investigation into Thomas Cook audit

The UK’s Financial Reporting Council (FRC) has launched an investigation into the audit by EY of the financial statements of Thomas Cook for the year ended 30 September 2018.

Travel company Thomas Cook collapsed at the start of last week, leading to 155,000 tourists stranded outside the UK and what has been described as the largest peacetime government repatriation effort in British history. Shortly afterwards, the FRC said that it was considering if there was any case for an investigation into the group.

The investigation will be conducted by the FRC’s Enforcement Division under the audit Enforcement Procedure.

The FRC said it 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’.

A spokesperson for EY said: “We can confirm that EY has been notified of the FRC’s intention to conduct an investigation into the audit of Thomas Cook Group plc for the year ended 30 September 2018. 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 auditors from PwC in 2017.

Top Content

    Brazil: regulation and technology form basis for recovery

    Opportunities in the capital markets and the ever-growing influence of technology are expected to have a significant impact on the Brazilian accounting profession over the next 12 months, writes Paul Golden.

    read more

    Mentoring support and the opportunity to delegate

    Jon Lisby will be known to many from his former role as CEO of Kreston International. Here, he explains the background to his new venture, Global Alliance Advisory Services (GAAS), and how he aims to offer support to alliance CEOs.

    read more

    Global by name, global by nature

    Stephen Heathcote became chief executive officer of PrimeGlobal on 1 June 2019. Robin Amlôt met him to discuss the various new challenges that he has taken on, and his ambitions for the association.

    read more

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.