Wirecard Scandal Puts Spotlight on Auditor Ernst & Young
Emails show auditor had questions related to unorthodox financial arrangements in 2016
By Patricia Kowsmann, Paul J. Davies and Juliet ChungUpdated June 27, 2020 11:54 am ET
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.