Big Four firm EY will be prohibited from taking on new public interest clients in Germany for two years following an investigation into its audit work at collapsed payment processor Wirecard.
EY was also fined 500,000 euros (U.S. $545,000) by Germany’s accounting watchdog APAS in its decision released Monday. The decision does not reference EY by name but focused on the audits of Wirecard from 2016-18, for which EY gave a clean bill of health. Five unnamed EY auditors were also penalized by the watchdog.
