E&Y Sues Wirecard AG

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According to Bloomberg News and Accounting Today, accounting firm Ernst & Young was sued over its work for Wirecard AG, just two days after Wirecard’s headquarters were raided as part of a market manipulation probe.

Questions:

  1. What is Wirecard AG?
  2. What does E&Y’s suit allege?
  3. Discuss what the issues are related to Wirecard’s purported fraud.

Source:

Mattusek, K. (2020) Ernst & Young sued over Wirecard as accounting woes add up. Accounting Today, June 8 (Retrievable online at https://www.accountingtoday.com/articles/ernst-young-sued-over-wirecard-as-accounting-woes-add-up?)