Watchdog claims EY broke law during Wirecard audit - report

Thursday, 26. November 2020 14:52

Germany's audit watchdog Apas reported Ernst & Young to prosecutors over suspicions that the company might have broken the country's laws during its audits of Wirecard AG, the Financial Times reported on Thursday.

According to sources familiar with the matter, Munich prosecutors began to evaluate the provided evidence, but still haven't launched a criminal investigation into EY's staff.

EY was conducting health checks on Wirecard for over a decade without reporting any issues, until it was found out earlier this year that €1.9 billion of corporate cash didn't exist. Shortly after, the company went into insolvency, marking the case as one of the largest European accounting scandal in decades.

Related Links: Wirecard AG
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