involving multiple parties around the world in different institutions, with a deliberate aim of deception," said EY Germany, adding that "even the most robust and extended audit procedures may not uncover a collusive fraud."
Some of us are old enough to remember Arthur Anderson and Enron, a mixture of two companies that created an accounting mess bigger than any seen before in corporate history. That was until Ernst & Young (EY) and Wirecard.Interestingly, there have been many auditing mess ...
Wirecard丑闻促使欧洲议会的自由派和绿党成员呼吁改变欧洲审计规则,包括Luis Garicano和Sven Giegold。 他们特别指出,当被审计公司可以自由雇佣和解雇自己的审计师时,就会出现不正当的激励。议员们说: “因此,会计师事务所有强烈的动机取悦客户,而不是进行详细审查。” wechat:Antifraud-club...
安永(EY)上周终于拉响了警报,拒绝在Wirecard 2019年财务报告上签字。(该公司仍然是记录的审计师)。 这引发了一连串的事件,先是Wirecard承认无法找到数十亿欧元现金,接着是前首席执行官马库斯·布劳恩(Markus Braun) 在周四申请破产前被驱逐和逮捕。 Wirecard对此拒绝置评。
Wirecard's former CEO Markus Braun will go on trial from December 8 to answer fraud charges in Germany's biggest-ever accounting scandal, a Munich court said Wednesday.
During the latter half of 2019, Wirecard continued to deny wrongdoing and indeed was still able to raise money in the capital markets. But mounting evidence of fraud, helped by investors’ insistence on an independent audit by KPMG — rather than EY — eventually left little doubt about the ...
Wirecard did not immediately respond to a request for comment when contacted by CNBC Friday, but in a video posted online, Braun — before his resignation — said it “cannot be ruled out” that Wirecard was itself the victim of “considerable” fraud. ...
in a matter of a few days, the value of the company’s stock all but evaporated. Despite EY claiming that its “robust and extended audit procedures” could do little to detect the complex fraud scheme, disgruntled investorsare taking legal actionagainst the auditor for failing to report the...
A Dubai-based Wirecard executive at the centre of the fraud had helped identify the merchants to be used by EY to test the system — something that should have set off alarm bells at the auditor, says Martin Wambach, the special investigator for aGerman parliamentary inquiry into the scandal....
Fabio De Masi, an MP with the leftwing Die Linke party, said: “In a worst-case scenario, EY could face its Arthur Andersen moment.” Arthur Andersen, the auditor of Enron, collapsed after the energy group was revealed to be a fraud nearly two decades ago. Wirecard, a once high-flying...