German Accounting Watchdog Banned EY for Two Years Opening Gates For Lawsuits Of Wirecard Shareholder!
As expected, the German supervisory body for auditors, APAS, has found breaches of duty by auditor EY in connection with the Wirecard scandal and imposed drastic penalties. EY would not be allowed to take on any new audit mandates at companies of public interest for two years, including all listed companies as well as the majority of the financial sector consisting of banks and insurance companies. A fine of €500,000 was also imposed. EY may appeal APAS's ruling.