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Wirecard

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"Wirecard Crisis Escalates as Investors and Insolvency Administrator Sue EY for Billions"
business-and-finance2 years ago

"Wirecard Crisis Escalates as Investors and Insolvency Administrator Sue EY for Billions"

Wirecard's insolvency manager has filed a lawsuit against the accounting firm EY, seeking 1.5 billion euros in damages for its alleged negligence in auditing the company's finances before its collapse in 2020. This legal action adds to a series of lawsuits EY is facing, including a recent investor suit demanding over 700 million euros. EY has not commented on the new lawsuit but has previously denied claims for damages related to Wirecard, which went bankrupt after revealing a 1.9 billion-euro discrepancy in its accounts attributed to fraud.

via Reuters|
##auditingscandal#business-and-finance
EY receives two-year ban from auditing public interest companies in Germany over Wirecard scandal.
business3 years ago

EY receives two-year ban from auditing public interest companies in Germany over Wirecard scandal.

EY has been banned from auditing companies of public interest in Germany for two years and fined €500,000 ($544,000) over its failures as the auditor of Wirecard in the years before the digital payments company’s collapse. Germany’s auditor supervisory authority APAS imposed sanctions on the auditor of Wirecard over “breaches of professional duty” between 2016 and 2018. 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.

via CNN|
#accounting-fraud#auditing#business
EY banned and fined over Wirecard scandal by German audit watchdog.
business3 years ago

EY banned and fined over Wirecard scandal by German audit watchdog.

Germany's accounting watchdog has fined and banned EY, the 2016-2018 auditor of Wirecard, from taking on new audits for companies of public interest for two years and imposed a €500,000 fine. Wirecard filed for insolvency in June 2020, owing creditors almost $4 billion, after disclosing a €1.9 billion hole in its accounts that EY said was the result of a sophisticated global fraud. The ban forbids the auditor from participating in tenders for audits of certain companies for two years, including all listed companies and the majority of the financial sector consisting of banks and insurance companies.

via Reuters|
#accounting#auditing#business