Balance sheet scandal: auditor about Wirecard: Extensive fraud

The auditing company EY in the Wirecard scandal of serious crime in virtually global in scale. "There is strong evidence that it is a complete fraud, involving

Balance sheet scandal: auditor about Wirecard: Extensive fraud

The auditing company EY in the Wirecard scandal of serious crime in virtually global in scale. "There is strong evidence that it is a complete fraud, involving multiple parties around the world and in different institutions were involved with the specific intention to deceive," said EY on Thursday in Stuttgart.

"In the framework of the audit for fiscal year 2019, EY discovered that the fake balances were submitted confirmations, and other fake documents for the fiduciary accounts." EY have communicated to the competent authorities, as well as the organization and of its Supervisory Board.

"a Conspiratorial fraud, designed to deceive the investors and the Public, is often accompanied by extensive efforts to forge a systematic and large-scale documents," it said further in the message. "Also, with the extensive, extended audit procedures, it may not be possible, this type of collusive fraud."

EY is one of the "big Four" international audit companies. The company had been audited in the past few years, the Wirecard-annual financial statements of Wirecard. That is why EY is now with the sharp criticism faced, to have the alleged manipulation is not detected earlier.

Updated Date: 25 June 2020, 11:20

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