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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff

EY fined almost £5m for breaching standards in Thomas Cook audit

EY Thomas Cook Richard Wilson FRC
EY logo
EY was officially fined £6.5m, discounted to £4.9m, given its willingness to admit wrongdoing. Photograph: Susana Vera/Reuters

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.

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