EY banned from auditing public interest companies in Germany over Wirecard | CNN Business

United Kingdom News News

EY banned from auditing public interest companies in Germany over Wirecard | CNN Business
United Kingdom United Kingdom Latest News,United Kingdom United Kingdom Headlines

Big-4 accounting firm EY has been banned from auditing companies of public interest in Germany for two years over its failures as the auditor of Wirecard in the years before the digital payments company’s staggering collapse

  • 📰 cnni
  • ⏱ Reading Time:
  • 16 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 59%

. Germany’s auditor supervisory authority APAS said Monday that it had imposed sanctions on the auditor of Wirecard over “breaches of professional duty” between 2016 and 2018, without naming EY. EY had audited Wirecard for more than a decade before refusing to sign off on its final results for 2019, precipitating the company’s downfall. The supervisory body also fined the Wirecard auditor €500,000 and issued smaller fines — between €23,000 and €300,000 — to five individual auditors at the firm.

Germany’s Wirecard filed for insolvency in 2020 following the discovery of a $2 billion accounting fraud that regulators, the company’s supervisory board and its longtime auditor failed to spot. Investors rely on auditors for assurance that a company’s accounts provide a true reflection of its earnings.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

cnni /  🏆 326. in UK
 

I think this is the right decision

who was auditing the banks prior to the GFC? the big 4 need the boot

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines



Render Time: 2025-01-15 13:03:54