Watchdog Probes Thomas Cook's Accounting After Collapse

Law360, London (October 1, 2019, 9:28 AM BST) -- Britain's accounting watchdog opened an investigation Tuesday into the last audit of Thomas Cook, adding to regulatory scrutiny into the travel giant's collapse last month from a lack of funds.

Thomas Cook was placed into liquidation in September after it failed to raise another £200 million ($245 million) in government aid, leaving vacationers stranded. (AP) The Financial Reporting Council said it would look into the audit for the year ending Sept. 30, 2018, prepared by Ernst & Young as it examines the accounting firm's role in signing off Thomas Cook Group PLC's accounts. The regulator could fine EY and penalize individual...

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