Germany Told To Use EU Audit Rules To Probe Wirecard

Law360, London (September 2, 2020, 4:40 PM BST) -- The European Commission said on Wednesday that it expects Germany to investigate whether Wirecard followed the bloc's audit rules for listed businesses after the payments company collapsed in June with a €1.9 billion ($2.2 billion) hole in its accounts.

Valdis Dombrovskis, president of the commission, said that the German auditor oversight body should probe whether Wirecard AG, whose listing on Germany's DAX exchange was removed at the end of August, followed European Union rules designed to cut the risk of fraud.

The bloc's rules mean that listed companies are required to have an audit committee that selects a statutory auditor. Audit ...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!