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Money KPMG: Wirecard has massively obstructed the special audit of the balance sheet - EY auditor invokes confidentiality - Wirecard shares are far in the lead

22:50  26 november  2020
22:50  26 november  2020 Source:   finanzen.net

Wirecard core business goes to Santander

 Wirecard core business goes to Santander As expected, the core business of the insolvent payment processor Wirecard goes to the major Spanish bank Banco Santander. The Spaniards would take over technology and business operations, the majority of the employees could thus continue to be employed, said insolvency administrator Michael Jaffé on late Monday evening in Munich. Santander spoke of around 500 employees who switched to the bank.

Wirecard 's auditors are being faced with legal action after the collapse of the scandal-hit German payments firm. Wirecard , which is still listed on the DAX 30, has seen its share price capitulate since the accounting EY is facing mounting legal pressure due to its role in auditing Wirecard 's accounts.

EY says auditors can’t answer, citing confidentiality rules. Wirecard hired KPMG last year to conduct an independent audit of the company in an effort to tackle the growing allegations. The Wirecard scandal adds to a long list of woes both for EY , and the other members of the so-called Big

In the Bundestag committee of inquiry into the Wirecard balance sheet scandal, deficits in the final audit of the scandalous company were indicated.

DANIEL ROLAND/AFP/Getty Images © Provided by Finanz.net DANIEL ROLAND / AFP / Getty Images

Among other things, the special investigator Alexander Geschonneck from the auditing company KPMG was interviewed in the Bundestag on Thursday. In a special audit, he had revealed that there was no evidence of the existence of alleged customer relationships and the sales generated by the emerging tech group. He did not have to use any special methods for this, said the business IT specialist. "It is not rocket science what we did there," he said.

Wirecard share easier: survey of ex-Wirecard boss - Braun speaks of embezzled company funds

 Wirecard share easier: survey of ex-Wirecard boss - Braun speaks of embezzled company funds Ex-Wirecard boss Markus Braun read a statement during his testimony in the Bundestag investigation committee and announced that he would not answer any questions from MPs. © Provided by Finanz.net PHILIPPE HUGUEN / AFP / Getty Images "I am currently invoking my extensive right to refuse to testify under Section 22 (2) of the PUAG," said Braun in the statement he read at the beginning of the session. "That means I won't answer any more questions today." The former head of the scandalous company

The auditor of the Wirecard AG has audited the annual and consolidated fung2018 "extended audit procedures" regarding the allegations of irregularities accounting in Singapore. KPMG has initially based on the auditor 's reporting and earnings. with a compliance audit or an international investment

(Bloomberg) -- An independent audit into Wirecard AG concluded that it was unable to obtain the data Since then, the German fintech has drip-fed parts of the report to the market, including a The company failed to supply some of the documents KPMG requested in the course of the investigation

The test methods involved were standard, which the Institute of German Auditors also provided. "We didn't go any further than to behave according to our standards," said Geschonneck. He did not want to evaluate the specific work of the Wirecard auditors from the EY auditing company. For years, these auditors had confirmed the scandal group's financial statements as correct.

An auditor from EY invoked his duty of confidentiality during his interview in the evening - but made general statements about the process of audits. He would like to comment specifically on the Wirecard case, but could not do so until the legal situation has not been clearly clarified, said Christian Orth. According to his own statement, the 50-year-old heads the internal quality assurance department at EY. Orth emphasized in the committee, among other things, that an unqualified audit certificate from auditors is not a seal of approval for a company. The auditor's working method is "unfortunately" based on trust, he said.

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Wirecard AG gained as much as 6.6% in Germany after saying it had commissioned KPMG to conduct an independent audit of the digital payments company, its latest Wirecard ’s shares tumbled last week after a FT report over questionable accounting methods, reviving concerns from earlier this year.

Wirecard has consistently denied these allegations. Its chief executive, Markus Braun, on Thursday cast It later turned out that SoftBank Group never invested any funds in the Wirecard deal. KPMG was commissioned by Wirecard to perform a special audit last October in response to a string of

The financial politician of the Greens, Danyal Bayaz, assessed the testimony of the KPMG auditor Geschonneck as a "disastrous testimony" for the auditors of EY. The SPD chairman in the committee, Jens Zimmermann, emphasized that there were considerable doubts as to whether the year-long auditor ever had suitable documents to confirm the existence of the accounts. With a proper final audit, the Wirecard fraud would have been exposed, he said.

EY's balance sheet controllers are currently under pressure in a number of ways. According to a report by the "Handelsblatt", which was confirmed by the dpa, the auditors' supervisory authority Apas has also raised allegations against them. There should be indications of criminal offenses by the actors involved, which is why the supervisory authority switched on the public prosecutor's office.

An EY spokesman said: "EY sees no evidence of criminal misconduct by EY auditors in the Wirecard case." The left's financial politician, Fabio De Masi, commented: "The roof structure is on fire at EY!" Several employees of the auditing company were supposed to testify in the committee later that evening, but had already invoked their duty of confidentiality as auditors.

German leading index Dax grows to 40 companies

 German leading index Dax grows to 40 companies - by Hans Seidenstücker © Reuters / KAI PFAFFENBACH People with umbrellas pass by bull and bear outside Frankfurt's stock exchange during heavy rain in Frankfurt Frankfurt (Reuters) - The Dax is in front of the largest Reconstruction of its more than 30-year history. The most important German stock exchange index will grow by ten to 40 members in September 2021, as Deutsche Börse announced on Tuesday.

Shares in Wirecard lost half their value as the German payment processor said on Thursday its “There are indications that spurious balance confirmations had been provided from the side of the Wirecard has denied those charges, while KPMG has conducted a special investigation and said it

Wirecard has also said its geographic reach has expanded by working with hundreds of partner Seemingly defunct entities still seeing their business booked in the Wirecard spreadsheets during EY declined to comment, citing client confidentiality . Al Alam said it operates “in full accordance with

The investigative committee in the Bundestag wants to uncover whether the German fintech company Wirecard, an up-and-coming star on the stock exchange, has been handled with kid gloves by the supervisory authorities despite indications of irregularities.

The former Dax ( DAX 30 ) group, now insolvent, had granted air bookings of 1.9 billion euros in the summer. The company, once traded as a German technology hope, made losses for years according to the current state of the investigation. The Munich public prosecutor's office assumes that fictitious profits have been reported since 2015. According to their calculations, banks and investors alone lost more than three billion euros. Many shareholders also lost large sums of money after the stock market crash.

KPMG was commissioned with the special audit in October 2019 after there were several reports of irregularities at Wirecard. The company then put a few obstacles in the way of the special auditors, Geschonneck said. "In the course of the investigation, we encountered significant hurdles and obstacles that were due to Wirecard's unwillingness to cooperate." Some documents were made available several months late, interview dates were postponed and access to IT systems was not given.

The result was nevertheless clear: Wirecard did not provide sufficient evidence of the existence of customer relationships and the revenues allegedly generated from them for business with third-party partners in Asia. These deals are said to have made up more than half of Wirecard's sales and a large part of profit. Geschonneck./tam/DP/he

reported that there was insufficient evidence of the amount of sales, account balances or incoming payments. Wirecard shares ultimately rose 4.38 percent to EUR 0.5000 via XETRA. BERLIN (dpa-AFX)

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