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Organization

Auditor Oversight Body (APAS)

German public oversight body for auditors, set up at the Federal Office for Economic Affairs and Export Control.

2 links, 2 backed by primary records

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Also known as
APAS, AOB

Connections 2

sanctioned

  • EY Germany 31 Mar 2023 fine of €500,000 and a two-year ban on newly contracted audits of public-interest entities (the watchdog did not name the firm) Primary record 12345

involved in

Timeline 1 date
  1. 31 Mar 2023 EY Germany sanctioned by Auditor Oversight Body (APAS)
Proof 5 sources
  1. Auditor Oversight Body (AOB) comes to a decision on Wirecard audits, Auditor Oversight Body (APAS), Germany, 3 Apr 2023. Primary record
    In addition, the audit firm will be banned from performing audits of PIE entities (limited to newly contracted audits) for a period of two years.
    The decision is subject to appeal in which case it will be presented to a Joint Panel consisting of three members of the AOB leadership and two representatives of the decision making panels.
    The individual sanctions include fines in the range from 23,000 to 300,000 € against the individual auditors as well as 500,000 € against the audit firm.
    The decision of the AOB does not legally preclude the decisions in other legal procedures, such as those taken by civil courts, or criminal charges.
    In its decision of 31 March 2023, the panel concluded that there were breaches of professional duties regarding the 2016-2018 audits of Wirecard AG and Wirecard Bank AG.
  2. EY fined, banned from some audits in Germany over Wirecard, RTÉ (Reuters), 4 Apr 2023. Scholarship & press
    Wirecard's annual report names EY as the auditor for that period.
  3. German audit watchdog bans EY over Wirecard work, The Irish Times (Financial Times), 3 Apr 2023. Scholarship & press
    EY has been banned from taking on listed companies as new audit clients in Germany for two years over flawed work for disgraced payments company Wirecard
    The regulator did not come to any formal decision over whether EY acted with intent or with negligence
  4. EY Germany handed two-year ban after Wirecard audit failures, Accounting Today (Bloomberg), 3 Apr 2023. Scholarship & press
    Ernst & Young GmbH breached its professional duty when auditing the payments firm's annual reports for 2016, 2017 and 2018
    We regret that the collusive fraud at Wirecard was not uncovered earlier and we have learned important lessons from the case
  5. AS 2401: Consideration of Fraud in a Financial Statement Audit, Public Company Accounting Oversight Board. Primary record Archived copy
    Collusion may cause the auditor who has properly performed the audit to conclude that evidence provided is persuasive when it is, in fact, false.
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