Britain’s accounting watchdog FRC examining Ernst and Young’s audit of Thomas Cook

The development signals a growing move by Britain’s financial watchdog to scrutinize audits conducted by the Big Four accounting firms.

Following a collapse of travel giant Thomas Cook, Britain’s Financial Reporting Council has begun an investigation into the travel company’s auditors Ernst and Young (EY).

Last month the travel company collapsed leaving tens of thousands of holiday-makers stranded abroad.

On Tuesday, the FRC stated, it was examining the audit of EY, part of the “Big Four” accounting firm, which certified the financial statements of Thomas Cook.

The period of scrutiny by the FRC is for the year to Sept. 30, 2018.

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