An inquiry has been launched by the accounting watchdog into the auditors of the collapsed travel giant Thomas Cook.

The Financial Reporting Council (FRC) has commenced an investigation into the audit by Ernst Young of the financial statements of the Company to the year end of September 2018.

The investigation will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.

Thomas Cook collapsed last week and left around 9,000 staff in the UK jobless, including 3,000 in Greater Manchester and more than 150,000 British holidaymakers stranded abroad, sparking the largest peacetime repatriation operation.


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