Rebecca Sabben-Clare KC and Jessica Sutherland acted for the Executive Counsel of the FRC in the investigation into the statutory audits of the consolidated financial statements of the Thomas Cook Group under the Audit Enforcement Procedure.
The Executive Counsel of the Financial Reporting Council (FRC) has issued a Final Settlement Decision Notice under those enforcement procedures and imposed sanctions on Ernst & Young LLP (EY) and Richard Wilson, audit engagement partner, in relation to the audits of Thomas Cook Group plc (the Company/Thomas Cook) for the financial years ended 30 September 2017 and 30 September 2018.
EY and Richard Wilson admitted serious breaches of Standards relating to the work performed on two important areas of the financial statements: Goodwill impairment and Going Concern, as well as failing to adequately consider a risk to EY’s independence during the 2018 audit.
Please click here for a copy of the full press notice issued by the FRC
