Another “Big 4” external auditor under investigation

EY = formerly known as Earnst Young. Who CAN you trust to give a true picture of an organisation’s finances these days?

“Britain’s accounting watchdog has begun an investigation into EY’s audit of Thomas Cook’s accounts, just over a week after the world’s oldest travel firm collapsed.

The Financial Reporting Council said its enforcement division was investigating EY’s audit of the financial statements of Thomas Cook for the year to 30 September 2018.

“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,” it said.

EY took over from PwC as Thomas Cook’s auditors in 2017. Both are among the UK’s big four accountancy firms. …”

https://www.theguardian.com/business/2019/oct/01/thomas-cook-auditors-frc-ey-collapse?CMP=Share_iOSApp_Other