The UK’s accounting watchdog is reviewing the quality of Ernst & Young’s goodwill and going concern testing after fining the firm close to £4.9 million ($6.3 million) Thursday for its audits of collapsed travel company Thomas Cook Group plc.
The Financial Reporting Council severely reprimanded the Big Four firm and fined it £6.5 million for its audits of the travel group in 2017 and 2018, but cut the fine to £4.9 million for the firm’s cooperation. Audit partner Richard Wilson also received a severe reprimand and a fine of £140,000, reduced to £105,000.
The FRC said it would check ...
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