Financial Accounting News

Wirecard Auditors Say ‘Elaborate’ Fraud Led to Missing Billions

June 26, 2020, 5:01 AM

Wirecard AG’s long-time auditors, Ernst & Young, accused their client of “an elaborate and sophisticated fraud” that allowed more than $2 billion to go missing.

Now that Wirecard has filed for court protection from creditors, the accountants who signed off on the fintech firm’s books for a decade are rejecting responsibility for their role in the debacle and preparing for the inevitable avalanche of lawsuits.

“Ernst & Young bear responsibility for this,” said Neil Campling, an analyst with Mirabaud who has had a price target of zero on Wirecard since March 2019. “They were defrauded like everyone else...

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