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 ...

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