Wirecard already is shaping up to be to Germany what Enron was to the United States: An accounting oversight failure so epic in its scope and scale that its aftermath is likely to forever alter the country’s auditing and accounting profession as it exists today.
Background
Founded in 1999 by now-former CEO Markus Braun, Wirecard appeared to have a promising future as a behemoth in Germany’s financial technology sector, finding a coveted spot on Germany’s prestigious DAX 30 index. But the global payments company had its fair share of skeptical investors and analysts as well and, since 2008, has deflected suspicions about its rapid growth and inconsistencies in its financial statements.
