EY Faces Broader Probe Of Thomas Cook Audits

Law360, London (December 19, 2019, 1:51 PM GMT) -- The U.K.’s accounting watchdog on Thursday widened its investigation into accountant Ernst & Young LLP’s audit of Thomas Cook, after the travel giant collapsed in September with £1.7 billion ($2.2 billion) in debt.

The Financial Reporting Council said it has widened its probe into EY’s audit of Thomas Cook’s financial statements to include the fiscal year ending Sept. 30, 2017. The watchdog’s probe, initially announced in October, had been intended only to examine EY’s review of the company’s accounts for the 12 months until the end of September 2018.

The regulator could fine EY and penalize individual accountants if it finds wrongdoing....

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