Thomas Cook collapse: accounting watchdog weighs up investigation
Financial Reporting Council has power to impose penalties in event of irregularities
Britain’s accountancy regulator is considering urgently whether to investigate the collapse of Thomas Cook and impose punishments if deemed necessary.
The Financial Reporting Council (FRC) has the authority to investigate and sanction auditors of companies and individuals who are members of the accounting profession. The regulator announced it was considering an investigation after the government fast-tracked the Insolvency Service’s investigation into the collapse of the 178-year-old travel firm.