Overview

• EY's fine was reduced from £6.5 million to £4.9 million after admitting to audit failings in Thomas Cook's 2017 and 2018 financial statements.
• Richard Wilson, the senior partner overseeing the audits, was fined £105,000, down from an initial £140,000, for his role in the breaches.
• The Financial Reporting Council found EY failed to challenge Thomas Cook's internal forecasts and assess goodwill and going concern assumptions with sufficient scepticism.
• Concerns were raised about potential conflicts of interest, as an EY restructuring partner had close ties with Thomas Cook executives during the audit process.
• Thomas Cook’s collapse in 2019 led to significant fallout, including the repatriation of 150,000 holidaymakers and broader scrutiny of audit practices.