MyTravel's accounts investigated
Troubled tour operator MyTravel's accounts are being scrutinised after a preliminary review of the company's figures was launched by the Financial Reporting Review Panel.
Link: MyTravel unlikely to restate accounts
The move could lead to MyTravel being forced to restate its accounts after it was issued three profit warnings in the last five months.
The FRRP will investigate whether the company’s accounts comply with the 1985 Companies Act and UK accounting standards. Any irregularities spotted could lead to a more detailed inquiry into the company’s finances.
MyTravel is due to publish its full-year accounts on 26 November but this may be delayed as auditors Deloitte & Touche may not sign the financial statement off until the company secures an extension to a £250m credit facility that expires in March, according to the Financial Times.