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Published on Thursday, December 19, 2019

Accountancy watchdog extends probe into Thomas Cook collapse






An investigation into Thomas Cook's financial statements has been extended.


The Financial Reporting Council started looking into accountancy firm EY's audit of Thomas Cook' financial statements for its full last financial year immediately following the tour operator's collapse in September.


The accountancy watchdog has now announced that it will investigate the audit of Thomas Cook's financial filings for the year to the end of September 2017 as well.


Thomas Cook appointed EY as auditor in 2017, replacing PwC. In 2018, EY 'strongly recommended' that the company strengthened its accounting practices.


The government's business select committee is carrying out a separate investigation into the travel firm's collapse. 


It was revealed earlier this month that Thomas Cook owed £9 billion when it collapsed, including £585 million to customers and £45 million to its own employees.


The Insolvency Service said other group companies were owed £5.7 billion and £1.7 billion was owed to banks and other lenders. 


The government's business select committee is carrying out a separate investigation into the travel firm's collapse. 

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