[BERLIN] Accounting firm Ernst & Young (EY) was sued over its work for Wirecard, just two days after Wirecard's headquarters were raided as part of a market manipulation probe. Read more at The Business Times.
Accounting firm Ernst & Young was sued over its work for Wirecard, just two days after Wirecard's headquarters were raided as part of a market manipulation probe.[BERLIN] Accounting firm Ernst & Young was sued over its work for Wirecard, just two days after Wirecard's headquarters were raided as part of a market manipulation probe.
The German lawsuit alleges that EY failed to flag that one billion euros in assets were improperly booked on the payment processor's 2018 accounts, Wolfgang Schirp, a lawyer for private investors, said in a statement on Monday. The suit adds to a list of criticism over EY's work, which peaked on Friday with a London judge slamming the firm for its treatment of a whistle-blower during a trial that ended earlier this year. In addition, EY is being investigated by UK regulators over its audit of NMC Health, the hospital administrator that collapsed in April.
EY representatives declined to comment on the case, which opens another front in a growing battle over Wirecard's accounting and trustworthiness. Munich prosecutors on Friday raided Wirecard's offices in a market-manipulation probe prompted by German financial watchdog Bafin. They are reviewing whether Wirecard gave"misleading signals" to the markets in March and April. Wirecard on March 12 and April 22 had issued market releases about a special report from another audit firm, KPMG, into its accounting and business practices.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wirecard says it is cooperating with investigation, reiterates outlookWirecard is cooperating with authorities investigating the German payments company over possible market manipulation, it said on Sunday as it ...
Read more »
Philippines probes proliferation of fake Facebook accounts after anti-terror law protestMANILA: The Philippines is investigating the proliferation of fake Facebook accounts using the identities of students, journalists and government ...
Read more »
HK residents rush for offshore bank accounts over China law worries: SourcesBanks including HSBC, Standard Chartered and Citigroup have seen a spike in enquiries from Hong Kong residents about opening offshore accounts ...
Read more »
COVID-19: Chile death toll jumps sharply after new cases addedSANTIAGO: Chile revised its death toll linked to the novel coronavirus outbreak sharply higher on Sunday (Jun 7), adding fatalities from databases ...
Read more »
COVID-19: Chile death toll jumps sharply after new cases addedSANTIAGO: Chile revised its death toll linked to the novel coronavirus outbreak sharply higher on Sunday (Jun 7), adding fatalities from databases ...
Read more »
Philippines probes impostor Facebook accounts using students', journalists' identitiesMANILA (BLOOMBERG) - The Philippines is investigating the proliferation of fake Facebook accounts using the identities of students, journalists and lawmakers among others.. Read more at straitstimes.com.
Read more »