Banned from Germany to Ernst & Young
According to the British Financial Times story, which is based on people close to the matter, Germany’s financial supervisory authority Apas has banned famed British financial auditing firm Ernst & Young (EY) from accepting a new corporate auditing job. listed on the stock market for two years.
Apas also fined EY and its five employees 500,000 euros ($541,000) each.
The reason for the decision was that Wirecard, the payments company that controls EY, signed off on one of the biggest financial scandals in German history.
Wirecard became the address of the biggest financial scandal in the country’s history after the loss of more than 1,900 million euros in the company’s balance sheet became known.
THEY LOSE MANY CUSTOMERS
According to the Financial Times news; EY lost many of its clients in Germany, including Commerzbank, DWS and KfW, in the aftermath of the scandal and has not gained any significant new clients since.
EY said it will make a statement on the matter after Apas makes an official statement.
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
