Big-4 accounting firm EY has been banned from auditing companies of public interest in Germany for two years over its failures as the auditor of Wirecard in the years before the digital payments company’s staggering collapse
. Germany’s auditor supervisory authority APAS said Monday that it had imposed sanctions on the auditor of Wirecard over “breaches of professional duty” between 2016 and 2018, without naming EY. EY had audited Wirecard for more than a decade before refusing to sign off on its final results for 2019, precipitating the company’s downfall. The supervisory body also fined the Wirecard auditor €500,000 and issued smaller fines — between €23,000 and €300,000 — to five individual auditors at the firm.
Germany’s 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. Investors rely on auditors for assurance that a company’s accounts provide a true reflection of its earnings.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EY fined, banned from some audits in Germany over Wirecard scandalGermany's accounting watchdog on Monday handed the 2016-2018 auditor of Wirecard, named in the company's annual reports as EY, a 500,000 euro fine ($541,650.00) and banned it from taking on new audits for companies of public interest for two years.
Read more »
Your Trump Indictment Questions, Answered - CNN One Thing - Podcast on CNN AudioDonald Trump is expected to be arraigned in New York City this week after a Manhattan grand jury voted to indict the former president, the first time in American history that a current or former president has faced criminal charges. We break down what we know about the investigation, what the arraignment could look like and why this case could be the least of Trump’s legal concerns as the 2024 presidential election draws closer. Guest: Paula Reid, CNN Senior Legal Affairs Correspondent
Read more »
CNN Poll: Majority of Americans approve of Trump indictment | CNN PoliticsSixty percent of Americans approve of the indictment of former President Donald Trump, according to a new CNN Poll conducted by SSRS following the news that a New York grand jury voted to charge him in connection with hush money payments made to adult film actress Stormy Daniels.
Read more »
'The New Big 5': Wildlife photography book turns the lens on animals at risk | CNNThe book celebrates the animals that people most want to see photographed and raises awareness of threats to wildlife.
Read more »
The next big thing in Big Tech career path is an AI-based 'bilingual' job skillsetThe biotech industry is adopting AI quickly, but without workers conversant across computational and core sciences like biology and chemistry, it will fail.
Read more »
'A bond we'll have forever': Big Brothers Big Sisters of Central Arizona seeks male mentorsThere's a major need right now for Big Brothers in Arizona. The waitlist is nearly 200 kids long, and it can take years for them to find a match.
Read more »