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Probe launched into Thomas Cook audit
An investigation has been launched into the auditing of Thomas Cook’s last set of financial results.
The Financial Reporting Council’s probe will focus on the financial statements of Thomas Cook Group for the year ended September 30 2018, audited by EY (formerly Ernst and Young).
In a statement, 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’.
Thomas Cook collapsed last week with £1.7 billion debt.
Questions have emerged around its use of so-called exceptional items in its accounts, which can make company’s profits look bigger than they actually are.
An investigation has also been launched by the Government’s Insolvency Service into whether the actions of Thomas Cook’s management ’caused detriment to creditors or to the pension schemes’.
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Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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