UK Auditors Ernst & Young WERE CHURSDAY HIT with A £ 4.9 Million Fine (6.3 Million Euros) For “Serious Breages” in its audits of collapsed travel firm thomas cook.
The UK Watchdog, The Financial Reporting Council, Slapped the Fine on the company whose one of its partners Richard wilson, who was in charge of the 2017 and 2018 Audits, was fined £ 105,000.
Debt-Plagued Thomas Cook, Which Struggled Against Fierce Online Competition for Years and Blamed Brexit Uncertain for a Drop in Bookings, Abruptly Declared Bankruptcy in SepTume 2019 After Failing to Secure £ 250 Million from Private Investors.
The failure of the 178-yar-old doyen of the travel industry following a lengthy period of chronic financial turmoil after a disastrous series of mergers left it burdeen debt, a journal Network and high costs.
Its Sudden Demise LED to 22,000 Job Losses Worldwide and Forced The UK Government to Embark Upon the Nation’s Biggest Repatiation Effort Since World War II to Fly 150,000,000 brits.
Many disappointed Holiday-Makers Struggled to Be Reimbursed.
“Both audits failed in their Principal objective: that of obtaining Reasonable Assures that the Financial Statements WERE FROM MATERM MATERM MATAREM MATAREMENTEMENTEMENT,” The Watchdog Said in a statement.
It noted that “the deficiencies” in the 2018 Audit “Warticularly Serious” Given Thomas Cook’s “Deterioration in Performance Compared With Expectations”.
However, the watchdog stressed that it was “not suggested that the breaches was intent, dishonest, deliberate or reclocks”.
In a statement, eye said providing “high-quality audits remains our priority and we deeply regret that the 2017 and 2018 audits of thomas cook fell bell bellow the standards that we expect”.
Chinese conglomerate fosun boght thomas cook in late 2019 for £ 11 million and relaunched it as an online travel agency the following year.
It was then Resold in 2024 to the Polish Group Esky.
(This story has not been edited by ndtv staff and is auto-generated from a syndicated feed.)
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