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German watchdog bans EY from some audits over Wirecard scandal

Posted On: Apr. 4, 2023 9:55 AM CST


German accounting watchdog APAS has banned U.K.-based Ernst & Young Global Ltd. from participating in tenders for audits of certain companies for two years and imposed a fine of €500,000 ($545,900) over its audits of failed German online payments company Wirecard AG, Reuters reported. EY, which was Wirecard’s auditor from 2016 to 2018, will not be able to participate in tenders for audits of all listed companies as well as the majority of the financial sector.