Mutual noticed breach of duty in EY

Mutual noticed breach of duty in EY

Düsseldorf Decision hardly tough: Auditing company EY must work for former DAX Group wirecard Has breached professional duties for more than four years. According to information received from Handelsblatt, this result came after more than two years of investigation by the Auditor Supervisory Body (APAS).

The supervisory authority responsible for the auditors has been taking formal business proceedings against the individual auditors and against the company since June 2020. The process is expected to be completed in October. After the investigation is complete, a mutual chamber decides on the possible punishment. Former Wirecard auditors are threatened with severe financial and business sanctions.

According to insiders, the auditor supervision is in regular touch with the EY amongst themselves. Although the supervisory process is clearly nearing completion, it is understood that there are still varying positions on the material. Both sides are also fighting till the end over possible sanctions.

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