German regulator to examine auditor EY over Wirecard accounts: Handelsblatt

FILE PHOTO: The headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions is seen in Aschheim near Munich, Germany, July 22, 2020. REUTERS/Michael Dalder/File Photo

BERLIN (Reuters) – The German body in charge of regulating auditors is examining EY in connection with their involvement with collapsed payment services firm Wirecard, Handelsblatt newspaper reported on Monday, citing a confidential Economy Ministry document.

The document said that the Auditors’ Regulator (Apas) was examining all audits that EY had conducted of Wirecard’s accounts since 2015. The regulator, which according to the document first began looking at the matter in October 2019, has the power to check earlier submitted accounts and audits.

“A formal professional oversight examination is underway into the Ernst & Young Audit Company,” the document said, adding that the review would examine “adherence to legal and professional stadards.”

EY was not immediately able to comment.

Reporting by Thomas Escritt and Hans Seidenstuecker; Editing by Caroline Copley

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