EY FACING LEGAL ACTION OVER ALLEGED FAILURES TO DETECT WIRECARD SCAM
July 2nd, 2020
EY, (formerly Ernst & Young), the Big 4 accounting major accused of shortcomings over its audit of disgraced German card payments processor Wirecard, is rejecting blame for its failure to detect the fintech firm’s EUR1.9 billion (USD2.1 billion) fraud scandal before it expanded to such a size. The company had logged book entries of funds that effectively did not exist. In a statement, EY has argued that it did ultimately uncover the scam and claims it is as much a victim of Wirecard’s deception as investors. EY has been facing claims that its audits ...
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