Despite MyTravel having Deloitte & Touche as its auditors, the banks insisted on the additional appointment of PwC in order to verify the company’s short-term cash position and long-term viability.
MyTravels current credit facility runs out in March of next year and without the review, and a positive outcome, it is unlikely to get another one leaving the future of the business in doubt.
The review should establish whether any more black holes are likely to be found in MyTravel’s accounts after it revealed a few weeks ago that accounting irregularities could mean a profit shortfall of £50m. MyTravel is due to release its preliminary results on 26 November.
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements
Charles Tilley's departure from CIMA leaves the accounting world quieter, but his institute with an exciting foundation