UK’s FRC Prolongs Inquiry Into EY Over Thomas Cook financial statements
United Kingdom’s Financial Reporting Council has lengthened its inquiry into the collapsed travel firm Thomas Cook Group’s previous auditor’s EY.
The FRC is now scrutinizing the Big 4 Company’s audit of Mr. Cook for the year ended 30th Sep. 2018 but then will on top of that cover its audit of the corporation’s financial reports for the year ended 30th Sep. 2017.
Thomas Cook did collapse in the month of September, leaving 155,000 tourists stuck outside of the United Kingdom which resulted to the biggest peacetime government banishment strength in the history of the entire Britain. The FRC threw its original inquiry into EY thereafter.
EY’ spokesman stated: “We now settle that EY has been advised of the FRC’s plan to prolong its inquiry into the audit of Thomas Cook Group plc to incorporate the audit for the financial year ended 30th Sep. 2017. We’ll be entirely collaborating with FRC during their investigations. It would be unsuitable to give any added remark now.
EY took over as the firm’s auditor from PwC in the year 2017.