On 1 October 2019, the FRC announced the opening of an investigation into the audit of the financial statements of Thomas Cook for the year ended 30 September 2018.

EY started Thomas Cook’s audit work in 2017 after taking over from PwC. Within the past two years, Thomas Cook had three different finance chiefs as it failed to drive profitability and reduce the company’s significant debt burden.

The FRC has said that it will now extend its inquiries by a further year, more than two months after it began the investigation process, however, the watchdog has not currently revealed any of its findings.