BERLIN, April 3 (Reuters) – Germany’s accounting watchdog on Monday handed the 2016-2018 auditor of Wirecard, named within the firm’s annual reviews as EY, a 500,000 euro high quality ($541,650.00) and banned it from taking up new audits for firms of public curiosity for 2 years.
EY mentioned in an e mail that it had been knowledgeable by watchdog APAS that an investigation into the corporate had been accomplished, however that it had not been briefed on the small print of the choice.
APAS mentioned in an announcement that it had imposed sanctions on Wirecard’s auditing firm and 5 particular person auditors, with out referring to EY by identify. Wirecard’s annual report names EY because the auditor for that interval.
Wirecard filed for insolvency in June 2020, owing collectors nearly $4 billion, after disclosing a 1.9 billion euro gap in its accounts that EY mentioned was the results of a complicated world fraud.
The corporate, based in 1999, started by processing funds for playing and pornography web sites earlier than changing into a fintech star and a member of Germany’s blue chip DAX index.
APAS discovered breaches of obligation by the auditor in reference to the scandal, it mentioned.
The ban forbids the auditor from taking part in tenders for audits of sure firms for 2 years. This contains all listed firms in addition to nearly all of the monetary sector consisting of banks and insurance coverage firms.
($1 = 0.9231 euros)
Reporting by Joern Poltz, Writing by Linda Pasquini, Enhancing by Kirsti Knolle and Friederike Heine
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