EY and KPMG argue about Wirecard The Battle of the Auditors! After the Wirecard bankruptcy, the auditors EY and KPMG wage a proxy war on the ruins of the scandalous group. It’s also about how far rivalry can go.
EY and KPMG argue about Wirecard The Battle of the Auditors
The spectacular demise of the former Dax group Wirecard not only shook the financial world, but also brought an industry into trouble that actually doesn’t like being in public: the auditors.
For years, the audit firm EY had approved Wirecard’s balance sheets without hesitation. The competitor KPMG subjected the payment processor to a special audit in its final phase.
But instead of cooperating with each other, the top dogs are now attacking each other. Not with an open visor, there is too much at stake in the clandestine industry – reputation, but above all billions in sales, because the rules of the game are changing rapidly. The battle of the global “Big Four” oligopoly consisting of EY, KPMG, PwC and Deloitte for market share is merciless, and its most dramatic scene in Germany is the Wirecard scandal.
EY has so far played the role of the whipping boy in the battle: there have been several criminal charges against the company, and claims for damages are piling up in the courts. Bondholders, banks and, at some point, insolvency administrator Michael Jaffé will try to get back part of the billions that were lost at Wirecard from the auditing giant.
EY and KPMG argue about Wirecard The Battle of the Auditors for Source: https://www.spiegel.de/