From www.accountingweb.co.uk: EY has faced significant criticism and financial penalties for failing to conduct proper audits, most notably in the case of Thomas Cook, which left £1.7 billion in debt and jeopardized thousands of jobs.

The Financial Reporting Council continues to report substandard audit quality among major firms, emphasizing systemic issues in the industry.

These repeated failures raise concerns about the effectiveness of auditing standards and the accountability of large firms within the profession.