Overhaul Of Germany's Audit Rules Needed, Lawmaker Says

Law360, London (March 23, 2021, 7:15 PM GMT) -- A German lawmaker endorsed government plans at a European Union hearing on Tuesday to tighten financial regulation laws following the scandal at payment company Wirecard — one of the biggest cases of a sophisticated global accounting fraud.

Matthias Hauer, a member of Chancellor Angela Merkel's ruling Christian Democrats on the committee investigating the fraud, backed work by Berlin on a far-reaching overhaul of the auditing industry's regulation to rebuild confidence in the country's stock market after a €1.9 billion ($2.3 billion) hole was discovered in Wirecard's accounts.

Hauer testified at a hearing of the European Parliament's Economic and Monetary Affairs Committee, saying...

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