All Wirecard articles
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PremiumWirecard what happens when ‘those that are meant to check compliance don’t’
The Wirecard fraud highlights the result of regulators and auditors failing to act properly and underlines the importance of encouraging and protecting whistleblowers, said the reporter who exposed the firm in speaking at Compliance Week’s Europe conference in London.
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News BriefPCAOB proposal puts pressure on auditors to find fraud
The Public Company Accounting Oversight Board proposed standard updates that would require auditors to enhance scrutiny toward potential instances of company noncompliance, including fraud, in their audit work.
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News BriefEY Germany receives two-year ban over Wirecard audit work
Big Four audit firm EY will be prohibited from taking on new public interest clients in Germany for two years following an investigation into its work at collapsed payment processor Wirecard.
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ArticleU.K. regulatory system also at fault in Greensill collapse
The collapse of Greensill Capital has led to investigations into how the company got into the financial mess it did and why alarm bells didn’t ring. But one investigation is noticeably conspicuous by its absence—why the company wasn’t properly regulated in the first place.
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ArticleEY Germany changes leadership in wake of Wirecard scandal
Hubert Barth, head of EY’s Germany practice for the past five years, will step down and take on a “new role at the European level” as the firm seeks to restore its tarnished reputation following its missteps leading up to the collapse of Wirecard.
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ArticleJames Freis did the right thing at Wirecard … but why didn’t anyone else?
At the end of the sorry Wirecard saga, James Freis may be one of the very few former senior employees who can hold his head high, writes Martin Woods.
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VideoVideo: Wirecard’s failings back in spotlight
Jaclyn Jaeger lauds two oil companies for raising the bar on ESG commitment in the industry, while Dave Lefort assesses new developments in the Wirecard saga that point to greater failures in the firm’s internal controls.
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ArticleMore Wirecard fallout: Top brass out at German finance regulator
Continuing fallout from the Wirecard scandal has led Germany’s finance minister to oust the top two officials at the country’s financial regulator, the Federal Financial Supervisory Authority (BaFin).
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ArticleReports: Ex-EY partner steps aside as Deutsche exec amid Wirecard probe
A former EY partner is reportedly relinquishing his position as Deutsche Bank’s head of accounting temporarily after German prosecutors launched an investigation into his role as a lead auditor for Wirecard.
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PremiumTop ethics and compliance failures of 2020
From a massive accounting fraud scandal in Germany to deceitful consumer tactics among China-based companies to unethical practices on the environmental front in the United States—CW’s list of the top ethics and compliance failures of 2020 spans the globe.
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ArticleESMA review slams German authorities’ supervision of Wirecard
A damning report by the EU’s securities markets regulator found numerous shortcomings in German authorities’ supervision of Wirecard’s financial reporting leading up to its collapse surrounding a $2 billion accounting scandal.
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ArticleEY allegedly flubbed Wirecard dealings worse than we thought
In this week’s “Nailed It or Failed It,” we take down EY and JPMorgan Chase for apparently ignoring whistleblowers and give the SEC a nod for rewarding them.
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ArticleEY chairman: Auditors should work harder to find fraud
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.
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ArticleCredit social media giants for prepping for election chaos
Silicon Valley’s social media heavyweights deserve a nod for “war-gaming” potential misinformation scenarios in advance of November’s elections, while McDonald’s again finds itself on our “Not Lovin’ It” list.
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ArticleWhat the Wirecard story tells us about red flags, healthy skepticism
How we came to learn about the fraud allegedly perpetrated by Wirecard offers important lessons in compliance and corporate governance, writes financial crime expert Martin Woods.
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ArticleCredit to KPMG for shining a light on fraud at Wirecard
A scathing report on the extensive fraud at German payment giant Wirecard had a compliance silver lining: KPMG’s by-the-books, transparent approach to a special audit helped bring that fraud to light.
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ArticleReport: Trading activity by German regs spiked ahead of Wirecard collapse
Staff members of Germany’s financial regulator, BaFin, were reportedly buying and selling Wirecard shares at a suspiciously higher rate leading up to the collapse of the FinTech firm.
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ArticleMcDonald’s handling of ex-CEO scandal gets compliments, criticism
A fresh podcast from the Theranos whistleblower and a new compliance association for Black practitioners get a round of applause from us this week, while a complicated case involving McDonald’s lands the company on both the “Nailed It” and “Failed It” lists.
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ArticleAccounting execs arrested as Wirecard probe continues
German prosecutors arrested three Wirecard executives, including the former CFO and head of accounting, as an investigation into the company’s inflated balance sheet and a missing $2 billion continues to expand.
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ArticleKudos to TikTok, tech brethren; Starbucks & Luckin have us soured on coffee cos.
In the inaugural edition of our weekly “Nailed It or Failed It?” feature, we give TikTok and other tech companies a pat on the back and shake our heads at the actions of Starbucks and Luckin Coffee.