Auditor fined over Thomas Cook errors

EY has been fined nearly £5m for breaching auditing standards when it checked the accounts of Thomas Cook before the high street travel agent collapsed in 2019.

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The Financial Reporting Council (FRC) said the failings in 2018 were “particularly serious” given Thomas Cook's precarious financial position at the time.

The historic travel agent collapsed in 2019, resulting in 9,000 job losses and a large-scale effort to repatriate around 150,000 holidaymakers who were overseas at the time.