Ernst & Young fined, banned from some audits in Germany over Wirecard scandal

Good news! Too often the four big global audit and accounting firms get caught that one of their major clients fails spectacularly! Most of the times they only get a slap on the wrist if at all. This time is a little different, but not enough! Some of the individual auditors involved also will face disciplinary action.

It seems these global audit and consulting firms too often rubber stamp their clients' books!

EY fined, banned from some audits in Germany over Wirecard scandal | Reuters Germany's accounting watchdog on Monday handed the 2016-2018 auditor of Wirecard, named in the company's annual reports as EY, a 500,000 euro fine ($541,650.00) and banned it from taking on new audits for companies of public interest for two years.

Here is the original decision by the German authority:

APAS: Beschlusskammerentscheidung „Berufsaufsicht“ zum Berufsaufsichtsverfahren der Abschlussprüfer in Sachen Wirecard