The Accountancy Investigation and Discipline Board (AIDB) announced an investigation this week into events leading up to Farepak’s demise, which left 150,000 customers short of £40m in hamper savings.

But the body clarified that it was looking at ‘accountants’ rather than accountancy firms. ‘E &Y can confirm that neither the firm nor members of the firm have had any communication from the AIDB on this matter,’ an E&Y spokesman said this week.

Sources at E&Y have pointed out that inter-company loans, which left Farepak without the cash to pay its liabilities, would have had no impact on its audit opinion since the money remained within the group.

The AIDB’s investigation, led by executive counsel Cameron Scott, could focus on the roles played by William Rollason, chief executive of Farepak’s parent company European Home Retail and finance director Stevan Fowler, some speculated. Both are qualified accountants.

The AIDB did not name the accountants whose conduct will be examined, but confirmed consultations had taken place with the ICAEW and CIMA. The AIDB has not ruled out the possibility that individuals associated with advisory roles could also be investigated.

The collapse has been one of the most high-profile corporate disasters of recent years. Though the sums of money involved were relatively small, thousands of customers lost savings designed to purchase Christmas hampers.