Wirecard Scandal Puts Spotlight on Auditor Ernst & Young

Wirecard Scandal Puts Spotlight on Auditor Ernst & Young

Emails show auditor had questions related to unorthodox financial arrangements in 2016

Wirecard and the Curious Case of the Missing $2 Billion
Payment processing company Wirecard was the darling of Germany’s fintech industry until auditors uncovered a $2 billion hole in its accounting. WSJ explains what we know about the missing money, as investigators are still trying to understand what happened. Photo composite: George Downs

By Patricia Kowsmann, Paul J. Davies and Juliet ChungUpdated June 27, 2020 11:54 am ET

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Ernst & Young GmbH, auditor to insolvent German fintech company Wirecard AG, had questions related to unorthodox arrangements under which the company’s cash was held in bank accounts it didn’t control as far back as 2016, according to emails seen by The Wall Street Journal.

The auditor subsequently signed off on three years of Wirecard’s financial results with those arrangements in place.

Now…TO READ THE FULL STORYSUBSCRIBESIGN IN

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