Connect the Dots

Organization

EY Germany

German firm of the EY network; named in Wirecard’s annual reports as its auditor.

4 links, 1 backed by primary records

Play the story Explore connections

Over time
  1. contracts from Wirecard (auditor) 2016–2018
Legal records

Wirecard AG and Wirecard Bank AG audits, 2016–2018

  1. 31 Mar 2023 Sanctioned by Auditor Oversight Body (APAS): fine of €500,000 and a two-year ban on newly contracted audits of public-interest entities (the watchdog did not name the firm) 12345

Connections 4

member of

  • EY Scholarship & press 4

    National firm of the network.

sanctioned by

  • Auditor Oversight Body (APAS) 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

contracts from

  • Wirecard 2016–2018 auditor Scholarship & press 23

involved in

Timeline 2 dates
  1. 2016–2018 Wirecard awarded a contract to EY Germany
  2. 31 Mar 2023 EY Germany sanctioned by Auditor Oversight Body (APAS)
Proof 6 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.
  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
    The Munich-based company had received unqualified audits from EY for more than a decade.
  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
    a spokesman for EY Germany said in an emailed statement
  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.
  6. Wirecard says €1.9bn of cash is missing, The Irish Times (Financial Times), 19 Jun 2020. Scholarship & press
    Shares in German electronic payments company Wirecard plunged as much as 71 per cent on Thursday as the group revealed that its auditors in EY had refused to sign on its annual accounts due to a missing €1.9 billion.
    Wirecard said in a statement on Thursday that EY was unable to confirm the existence of €1.9 billion of cash balances in trust accounts
Page history 1 change
  1. Add 55 stories, each checked against its sourcesAlibek96e92fe6

Something wrong or missing? Tell us, with a source, or edit this page.