EY admits to failings in assessment of 2017 and 2018 financial statements of travel firm, which collapsed in 2019

EY has been fined almost £5m for “serious breaches of standards” over its audits of Thomas Cook in the years before the travel company’s devastating collapse in 2019.

The UK’s audit watchdog, the Financial Reporting Council (FRC), said EY and one of its partners, Richard Wilson, had admitted to failings related to their assessment of the travel agent’s financial statements from 2017 and 2018.