From Yahoo Finance: 2025-04-11 11:34:00

British regulator FRC fines EY for “serious breaches” in audits for collapsed Thomas Cook. Penalties imposed for failures in audits for 2017 and 2018 financial years. EY and audit partner Richard Wilson admit serious failings. £4.9m penalty for EY, £105,000 for Wilson. Breaches relate to inadequate evaluation of goodwill impairment, going concern status, and independence risks. FRC clarifies breaches were not intentional. EY and Wilson failed to challenge robustly and apply professional skepticism. Remedy measures aim to prevent future failures. EY begins $1bn tech investment phase to enhance audit services globally.



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