The chairman and chief executive of Big Four auditing firm EY says auditors should do more to uncover fraud while conducting external audits, a topic the industry has historically been reluctant to tackle.
Carmine Di Sibio, chairman and chief executive of EY Global, apologized in a letter to clients for the firm’s missteps in its audit of German payment processor Wirecard, which earlier this year acknowledged the likelihood that it fraudulently booked $2 billion in assets. He then outlined steps he believes EY—and the accounting and audit profession as a whole—should take to root out fraud in corporate finances.
