The strath’s MP Drew Hendry has lambasted the ‘sorry tale of corporate greed’ which stranded Thomas Cook customers around the world. His comments came today (Friday, September 27) asthe Business, Energy and Industrial Strategy Committee announced the launch of an inquiry into the affair, focussing on issues around the stewardship of the company, executive remuneration, accounting practices and the role of auditors. The inquiry is also likely to examine the impact on small businesses and suppliers of the collapse of Thomas Cook. In the light of news reports highlighting “aggressive” accounting practices at Thomas Cook, Rachel Reeves MP, chair of the committee has also written to Andrea Leadsom MP, Secretary of State for Business, Energy & Industrial Strategy, to raise concerns about the slow progress of audit reform. The BEIS Committee’s inquiry on the Future of Audit concluded in April and made a series of recommendations to toughen the regulatory regime and to improve audit quality. The committee’s inquiry will be seeking to question Thomas Cook executives including the CEO, finance director and chairman, as well as Thomas Cook auditors PwC and EY, the Financial Reporting Council, and the Insolvency Service. The committee will also be approaching the chairs of the… Read full this story
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