How does leaving the article work in EY
Wirecard accounts: EY representatives saw no chance for bank confirmation
The trust agreement did not contain the banks' right to information, said the EY representative responsible for quality assurance Christian Orth on Friday in the Wirecard investigation committee of the Bundestag. However, it was checked whether the trustees were in any way related to Wirecard. “The audit team assumed that they had adequate and sufficient audit results,” said Orth.
Thanks to the trust accounts in Asia, it looked as if Wirecard AG's third-party partners were paying open invoices by bank transfer - in fact, the 1.9 billion euros probably did not exist. Only when the trust accounts were relocated from Singapore to the Philippines did "the fire alarm" go on, Orth said. When the requested test transfers failed to materialize, the auditors then contacted the bank boards in 2020. These would eventually have confirmed that the accounts did not exist.
EY had checked and approved the Wirecard balance sheets from 2009 to 2018; the company only refused to certify the 2019 financial statements. According to the Munich public prosecutor's office, the payment service provider's balance sheets had been manipulated since 2015 at the latest. EY is now confronted with the accusation of not having checked carefully enough and of being the victim of the hoax.
The now insolvent Wirecard AG had admitted in June 2020 that the 1.9 billion euros listed in the balance sheet, which were supposedly in Asian bank accounts, could not be found. (dpa-AFX)
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