Germany to Reform Regulation of Insurers, Banks, Payment Firms on Wirecard Scandal July 27, 2020 By Patrick Donahue German Finance Minister Olaf Scholz intends to unveil a reform of the government’s financial oversight, as the widening scandal over...
South Africa Retailer Steinhoff Offers $1B to Settle Global Accounting Fraud Lawsuits July 27, 2020 South Africa’s Steinhoff has proposed to pay around $1 billion to settle outstanding legal claims following a massive accounting fraud,...
German Prosecutors Arrest Ex-Wirecard Execs on Suspicion of Running Criminal Racket July 24, 2020 By Jörn Poltz German prosecutors arrested three former top executives of Wirecard on Wednesday, saying it suspected them of masterminding a criminal racket...
Wirecard Hires Forensic Investigator, Say Sources. Findings Could Aid in D&O Litigation. July 21, 2020 By Arno Schuetze and Alexander Hübner German payments company Wirecard has hired Alix Partners for a forensic investigation of the accounting scandal that led to its...
UK Watchdog Urges Big 4 Accounting Firms to Challenge Clients as Audit Quality Slides July 15, 2020 By Hugo Miller and Michael Kapoor The dominant accounting firms must do a better job of challenging their clients in order to reach a satisfactory level...
Wirecard Probe Expands with Arrest of Head of Dubai-Based Subsidiary July 7, 2020 By Douglas Busvine and Arno Schuetze BERLIN/FRANKFURT – German prosecutors said on Monday they had arrested the head of a Dubai-based subsidiary of Wirecard, widening the...
UK Accounting Watchdog Asks Big Four to Ring-Fence Audit Practices July 6, 2020 By Aoife White The UK dominant accounting firms must separate their audit units from other businesses by June 2024 as the country’s accounting...
From Enron to Wirecard – Big 4 Accounting Firms Still Face Systemic Problems July 2, 2020 By Ellen Milligan and Hugo Miller Two decades of financial disasters from Enron Inc.’s collapse in 2001 to Wirecard AG’s meltdown have left the Big Four...
Allianz Ends Relationship with Wirecard Amid Accounting Scandal July 1, 2020 Allianz said on Wednesday that it was ending its relationship with Wirecard Bank and removing from the market a mobile...
Former CEO of Wirecard Arrested in Accounting Scandal Involving Missing $2.1 Billion June 23, 2020 FRANKFURT – Wirecard’s former boss was arrested on Tuesday on suspicion of falsifying accounts, after the German payments firm disclosed...