The German body in charge of regulating auditors is examining the work of EY, the auditor that approved the books of collapsed payment services firm Wirecard, the German Economy Ministry said on Monday.
The ministry said Auditors’ Regulator had upgraded a preliminary investigation that had been running since October 2019, when the Financial Times first reported allegations of fraud at Wirecard, into a full formal regulatory inquiry.Handelsblatt newspaper, which first reported that the inquiry was underway, said the regulator was examining all audits that EY had conducted of Wirecard’s accounts since 2015. The regulator has the power to check earlier submitted accounts and audits.
EY, Wirecard’s auditor for more than a decade, said it was assisting the authorities with their investigations. Munich-based Wirecard collapsed in June after EY refused to sign off on its 2019 accounts because it could not verify 1.9 billion euros supposedly held abroad in escrow by third-party partners.
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