EY fined £4.9mn by UK accounting regulator over Thomas Cook audits

EY Slapped With Nearly 5-Million-Pound Penalty Over Thomas Cook Audits

UK auditors Ernst & Young were Thursday hit with a £4.9 million fine (6.3 million euros) for "serious breaches" in its audits of collapsed travel firm Thomas Cook. The UK watchdog, the Financial Reporting Council, slapped the fine on the company while one of its partners Richard Wilson, who was in charge of the 2017 and 2018 audits, was fined £105,000. Debt-plagued Thomas Cook, which struggled against fierce online competition for years and bla…

EY fined £4.9mn by UK accounting regulator over Thomas Cook audits

Travel company collapsed in 2019 leaving hundreds of thousands of travellers stranded

UK regulator fines EY for “serious breaches” in Thomas Cook audit

British regulator the Financial Reporting Council (FRC) has fined EY for “serious breaches” in its audit work for travel company Thomas Cook, which collapsed in 2019.   The accounting regulator imposed the penalty for failures in audits conducted for the financial years ending in 2017 and 2018.   The regulator stated that EY and Richard Wilson, the EY audit partner overseeing those reviews, “admitted” serious failings in their review of Thomas C…

Thomas Cook auditors fined millions for failings in run-up to 2019 collapse

Cook’s auditors have been fined nearly £5 million for failing to properly investigate the company in the two years before it collapsed, a damning report by a financial watchdog reveals

A little less than six years after the fall of Thomas Cook, the former world leader in tourism continues to sink ink. The Financial Reporting Council, a regulatory body...

£4.9M Fine For EY As Thomas Cook Audit Failings Exposed

Ernst & Young (EY) is facing the consequences of its mishandling of Thomas Cook’s financial audits, with the UK accounting giant fined £4.9 million by the Financial Reporting Council (FRC). The regulator announced the penalty on Thursday, stating there were “serious breaches” in the audits conducted for the travel company in 2017 and 2018. Richard Wilson, the EY partner responsible for those audits, was personally fined £105,000. Audit Shortcomi…