{"id":26839,"date":"2020-08-04T15:20:02","date_gmt":"2020-08-04T12:20:02","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=26839"},"modified":"2025-08-26T16:58:43","modified_gmt":"2025-08-26T13:58:43","slug":"german-regulator-to-review-eys-audit-reports","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/german-regulator-to-review-eys-audit-reports\/","title":{"rendered":"German Regulator to Review EY’s Audit Reports"},"content":{"rendered":"

Germany’s audit supervision regulator (APAS) has raised the status of the investigation into the consulting firm Ernst & Young (EY). Since 2015, the company has signed off on every report of the bankrupt card issuer Wirecard AG.<\/p>\n

According to Handelsblatt<\/a>, the investigation into EY, begun in October 2019 after a Financial Times article about the fraud, has progressed to a full investigation in line with all regulatory requirements.<\/p>\n

\n

“There is currently a formal review of EY’s professional conduct, including compliance with legal and professional requirements,” as stated in documents obtained by the publication.<\/p>\n<\/blockquote>\n

If any violations are found, the company faces fines and disciplinary sanctions, as well as the revocation of its license.<\/p>\n

The management of the auditing firm is cooperating with German financial authorities.<\/p>\n

\n

“We also want the matter to be examined comprehensively, fully and quickly,” EY said.<\/p>\n<\/blockquote>\n

In June, a hole of almost \u20ac2 billion was found on Wirecard’s balance sheet. The company subsequently began insolvency proceedings.<\/p>\n

The incident drew the attention of German prosecutors, after which police arrested former Wirecard CEO Markus Braun.<\/p>\n

Former top Wirecard executive Jan Marsalek, after his disappearance, made a large transfer in bitcoins. According to media reports, he may be hiding in Russia.<\/p>\n

In late July, Wirecard investors filed a lawsuit against BaFin, the German Federal Financial Supervisory Authority. They accused the regulator of taking too long to act against the company.<\/p>\n

In June, the SdK, the German shareholders’ association, filed a lawsuit against EY.<\/p>\n

Follow ForkLog news on Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Germany’s audit supervisory body (APAS) has raised the status of the investigation into Ernst & Young (EY). Since 2015, the company has signed off on every report of the bankrupt card issuer Wirecard AG.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[967,1861,109,1858],"class_list":["post-26839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-audit","tag-ernst-young","tag-germany","tag-wirecard"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/26839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=26839"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/26839\/revisions"}],"predecessor-version":[{"id":26840,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/26839\/revisions\/26840"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=26839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=26839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=26839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}