Looks like Deutsche Bank is considering dropping EY, Ernst & Young, as it's auditing firm after the firm missed billions in missing money in it's audits of #Wirecard, which tried to buy DB to hide it's missing cash.
#ButNothingsHappening
ft.com/content/39e8ae…
#ButNothingsHappening
ft.com/content/39e8ae…
Of course, it may be to pressure EY to overlook DB accounting issues if it wants to keep the business too.
This is an industry where catching your clients cooking the books does not earn you repeat business.
DB hired EY only 2 years ago after having KPMG audit them for 0 years.
This is an industry where catching your clients cooking the books does not earn you repeat business.
DB hired EY only 2 years ago after having KPMG audit them for 0 years.
Other big companies in Germany are also cutting ties to EY with many considering law suits against EY because they lost money in the Wirecard fraud case. Fraud EY never seemed to find, even after FT reported on the missing cash & corruption.
Deutsche Bank has another big liability in the case, in 2018 they hired the EY partner in charge of the Wirecard audits to be their head of accounting...
Investigations of EY's audits are revealing that they were shady & in the words of one EY anti-fraud specialist "incomprehensible."
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