Buddy Can You Spare A Euro

KPMG will not come out of this smelling of roses ..... Ernst & Young however may ...


The news brings a sad, but unsurprising, development to an especially rough week for the company, after its auditors (Ernst & Young) discovered a $2.1 billion accounting hole in its books, and then the former CEO, Markus Braun, was arrested on charges of fraud.

Those who have been watching the company for longer than the past week might also recall that all of this has been going on for months, although a separate investigation led by KPMG and published in April determined that "no incriminating evidence was found for the publicly raised accusations of balance sheet manipulation."


... full article .... Wirecard, the disgraced German payments firm backed by SoftBank, files for insolvency over €1.3B in loans coming due
 

Themanwho

LE
Book Reviewer
I really does beg the question , again , about Company Account Auditing over the long term of a Company ... can they be trusted or are the Auditors not up to the job and are easily fooled .
Auditors will do their job but as they are paid by the company they audit it's not in their interests to do more than their remit

If they find fraud they will report it but they won't go out of their way to look for it
 
Just dig up the Messerschmitts that are buried there, flog them off and make the money back that way.
my bold .. Nah just get some of the loads of Nazi loot hidden after the war, that'll sort it .. Billions of Dollars of Looted WWII Treasure Is Still Hidden
snip "In 1945, while Germany was falling to the Allies, Nazi leaders were busy hiding the treasure they had confiscated over the previous six years. Art and silver (some stolen from the Jews that they sent to the gas chambers) artifacts from museums, and metric tons of gold – all of it stashed away in mines or sunk in lakes.
Some of these treasures were recovered by the Allies, but there is still $37 billion worth of treasure missing."



I'm sure there are a few German families around whose grandads/great grandads helped hide it, who good be persuaded to go to the aid of "der Vaterland"
 
Depends for how many years E&Y were signing off the books before they realised that the accounting "story" was untenable and decided to jump ship.
I now understand that E-Y had been auditors for some time so looks like they too will not come out of this situation smelling of roses .... strange old world is the one of Company Auditors .
 

sunny james

War Hero
I now understand that E-Y had been auditors for some time so looks like they too will not come out of this situation smelling of roses .... strange old world is the one of Company Auditors .
As I understand it E-Y were the regular auditors and KPMG were brought in after allegations of dirty deals done dirt cheap were made. Now the EU regulator is being asked to have a gander at the German regulator Bafin who may have helped in the attempt to cover-up the scandal.

The joke is on all those bods who said the banks would bugger off to Frankfurt 'cos of Brixit.

It's beginning to read like a plot line from the TV series Billions. I've ordered a barrel of popcorn.
 
The line inside KPMG is it was EY that failed to spot the problem, but KPMG subsequently did!
ETA: Before anybody thinks I’m taking the pee with that comment, it is gen.
 
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my bold .. Nah just get some of the loads of Nazi loot hidden after the war, that'll sort it .. Billions of Dollars of Looted WWII Treasure Is Still Hidden
snip "In 1945, while Germany was falling to the Allies, Nazi leaders were busy hiding the treasure they had confiscated over the previous six years. Art and silver (some stolen from the Jews that they sent to the gas chambers) artifacts from museums, and metric tons of gold – all of it stashed away in mines or sunk in lakes.
Some of these treasures were recovered by the Allies, but there is still $37 billion worth of treasure missing."



I'm sure there are a few German families around whose grandads/great grandads helped hide it, who good be persuaded to go to the aid of "der Vaterland"
Except all the details are known about in many cases recovered/ re appropriated/ Laundered. but who's figures are they, based on what value, when, or is this just wishful thinking?-I mean I wish they'd tell me, they stole enough from ma's family to make me a very rich man.
 
The line inside KPMG is it was EY that failed to spot the problem, but KPMG subsequently did!
ETA: Before anybody thinks I’m taking the pee with that comment, it is gen.
They didn't fail to spot the problem, they circuitously found a way of ignoring it and in that cuthroat world, I bet KPMG wished they hadn't spotted the problem. Normally they close ranks
 
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