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EY fined and reprimanded for deficient Thomas Cook work

Thomas Cook aircraft parked at Manchester Airport on September 23, 2019 in Manchester, United Kingdom. The collapse of the 178-year-old travel firm triggered a massive repatriation effort, as the British Civil Aviation Authority chartered aircraft to bring around 150,000 travelers back to the UK. The firm's closure also jeopardized 22,000 jobs worldwide, including 9,000 in the UK.
Photo: Christopher Furlong/Getty Images

Thomas Hyrkiel

2 min read
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The travel group’s collapse in 2019 resulted in job losses, closure of stores and repatriation of 140,000 travellers.

Audit quality is in the spotlight again with the UK’s Financial Reporting Council (FRC) zeroing in on Ernst & Young’s (EY) audit of the Thomas Cook Group (TC Group) in 2017 and 2018.

At the heart of the matter was the failure by the firm’s audit team and statutory auditor to

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