Lawmakers Grill Audit Watchdog Over Thomas Cook Collapse

Law360, London (October 23, 2019, 3:22 PM BST) -- The Financial Reporting Council revealed more details of its investigation into the accounts of collapsed travel company Thomas Cook on Wednesday as the regulator fended off repeated criticism that it acts too late in the face of auditing failures.

Elizabeth Barrett, the organization's executive counsel and director of enforcement, said the regulator was already examining Thomas Cook’s last audit before the company failed in September and had identified “potential issues…that might merit investigation.”

Answering questions from members of Parliament's business, energy and industrial strategy committee, Barrett said the Financial Reporting Council will look closely at “audit assumptions” made by Ernst &...

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