WiredGov Newswire (news from other organisations)
FRC: Investigation in connection with the financial statements of Thomas Cook Group plc
The Financial Reporting Council (FRC) has commenced an investigation into the audit by EY of the financial statements of Thomas Cook Group Plc (Thomas Cook) for the year ended 30 September 2018. The investigation will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.
The FRC will keep under close review both the scope of this investigation and the question of whether to open any other investigation in relation to Thomas Cook, liaising with other relevant regulators to the fullest extent permissible.
Notes to editors:
- The FRC’s mission is to promote transparency and integrity in business. The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the competent authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality.
- Past FRC Enforcement Outcomes can be found here.
- To meet its responsibility as the competent authority in respect of audit enforcement, the FRC operates the Audit Enforcement Procedure. This procedure applies to the investigation and sanctioning of breaches of the various requirements of the statutory auditors of Public Interest Entities (PIEs) and any other cases retained by the FRC including AIM companies with a market capitalisation in excess of €200m.
In brief, the stages of the Audit Enforcement Procedure are:
- Initial case examination and decision to investigate
- Decision by Executive Counsel as to whether to issue a Decision Notice (a notice with the findings and recommended sanction);
- Referral to Enforcement Committee and decision by the Enforcement Committee whether to issue a Decision Notice; and
- Referral to a Tribunal
- In order for a matter to be referred for investigation by the FRC’s Executive Counsel under the Audit Enforcement Procedure, the FRC’s Conduct Committee is required to decide whether there is good reason to investigate an Allegation in relation to a Statutory Auditor and/or a Statutory Audit Firm.
Investigations are usually conducted by Executive Counsel and the Enforcement division. The FRC’s Conduct Committee may direct that the investigation is delegated to a Recognised Supervisory Body (RSB) which will provide an investigation report to the Executive Counsel so that (s)he may decide whether to issue a Decision Notice.
Contact the Press Office
William BoyackCommunications Manager
- +44 020 7492 2307
Latest News from
WiredGov Newswire (news from other organisations)
UK Space Agency backs space-enabled drones to deliver Covid-19 testing kits10/07/2020 14:10:00
Drones delivering COVID-19 test kits and technology using space data to support vulnerable people are among the projects backed by new UK Space Agency funding.
Audit Scotland - Covid-19 raises risk of public-sector fraud10/07/2020 10:40:00
Scotland's public finances have been boosted after a data-sharing exercise identified over £15 million of potential fraud and errors across the public sector.
NHS Confederation - Increases in nurses and midwives ‘drop in the ocean’, says NHS Employers10/07/2020 09:40:00
Danny Mortimer, chief executive of NHS Employers, which is part of the NHS Confederation, responded to the NMC's latest annual registration report for nursing and midwifery staff
Ofgem networks decision ‘strikes the right balance’, says Citizens Advice09/07/2020 16:40:00
Dame Gillian Guy, Chief Executive of Citizens Advice, said: “Today’s announcement is another step closer to a price control that stops network companies from overcharging energy customers by billions of pounds.
NHS Confederation - Immigration proposals could create workforce cliff edge for social care, warn national bodies09/07/2020 15:40:00
Care homes and other social care services could face a ‘staffing blackhole’ if temporary arrangements are not introduced to manage the initial impact of the Government’s Immigration Bill, the leaders of 37 national organisations have warned.
CIPD - HR body responds to job measures announced in Chancellor’s statement09/07/2020 14:40:00
The CIPD has responded to the Chancellor’s economic statement
COVID-19 could kill more people through hunger than the disease itself, warns Oxfam09/07/2020 13:40:00
Eight of the biggest food and beverage companies pay out $18 billion to shareholders as new epicentres of hunger emerge across the globe
NHS Confederation - COVID-19 deaths down, but extra vigilance still needed09/07/2020 12:40:00
Dr Layla McCay, director at the NHS Confederation, which represents organisations across the healthcare sector, responded to the latest ONS COVID-19 mortality figures for England and Wales
CBI responds to Chancellor's Plan for Jobs09/07/2020 12:15:00
CBI yesterday responded to Chancellor's Plan for Jobs.
LGA responds to Public Accounts Committee report on future PPE supply09/07/2020 11:40:00
Cllr Ian Hudspeth, Chairman of the Local Government Association’s Community Wellbeing Board, responded to a Commons Public Accounts Committee report on NHS capital expenditure and financial management, including about securing the future supply of PPE for health and social care services in the event of a second wave of coronavirus