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Tag: KPMG

Signa Fallout Continues: Insolvency Administrators Target KPMG Over “Worthless” Audits

Austria Charlene Lensburg -
The scandal surrounding the collapse of René Benko’s Signa Group has entered a new phase. The insolvency administrators of Signa Development and Signa Prime are preparing claims exceeding €100 million against KPMG, accusing the auditor of grave failures. Allegedly, KPMG ignored glaring red flags, enabling Signa to delay insolvency filings.

Former Wirecard Supervisory Board Member Paints A Dark Wirecard Picture In The Munich Trial!

Bankruptcies Charlene Lensburg -
Since the end of 2022, the Wirecard scandal has been under trial at the Munich Regional Court. Witness and former supervisory board member Vuyiswa M'Cwabeni explains why even the Supervisory Board failed to prevent it. Her testimony is partly disturbing, court reporters say. She tells of appeasement, moments of shock and bewilderment. The former Wirecard supervisory board member M'Cwabeni testified in the Munich Wirecard trial.

Audits Are A Problem: PCAOB Report Reveals The Poor Work Of The Big Four Auditors!

Auditors tamir -
Audits performed by international accounting firms are becoming progressively more defective, posing a threat to investors' decision-making capabilities. A U.S. Public Company Accounting Oversight Board (PCAOB) report revealed that approximately 40% of the audits they reviewed in 2022 were so deficient that the auditing firms lacked adequate evidence to support their opinion on clients' financial statements or financial reporting.

Good News For Shortsellers: German Adler Group With Record Loss!

Shortseller Ben -
The short-sellers around Viceroy Research and Fraser Perring were right with their analyses. The struggling German real estate group Adler Group announced a 2022 loss of almost €1.7B due to a devaluation of the real estate portfolio and value adjustment on receivables. In 2021, the company reported a net loss of almost €1.2B. The Adler Group has been under fire from Viceroy Research for several months. Perring considers the Turkish-born Austrian Cevdet Caner to be the beneficial owner.

Promising: Stablecoin Tether Will Be Audited By BDO Italia!

Compliance Ben -
Tether Holdings Ltd, the disputed issuer of the world’s largest stablecoin Tether (USDT), retained BDO Italia, the Italian arm of the world's fifth largest accounting firm, to issue assurance and attestation reports of its reserves. Tether has previously worked with two Cayman Islands-based accounting firms, Moore Cayman and MHA Cayman. In 2021, Tether settled with the New York Attorney General's office with an $18.5 million an investigation into the company's practices.

Wirecard cybercrime case turns into a lethal EY scandal

EFRI Charlene Lensburg -
The Wirecard cybercrime case is developing more and more of a lethal scandal for the auditor EY. Over the years, EY may have systematically failed to ask critical questions and to carry out proper auditing activities. For years, unqualified audit opinions were issued and fueled the Wirecard hype. Such an unqualified audit opinion was apparently also planned for 2019, despite the many publicly known facts and despite the KPMG report already available. This was disclosed to the Financial Times by a whistleblower.

Wirecard postpones presentation of annual results again

Wirecard tamir -
The German public-listed FinTech Wirecard has postponed the presentation of its 2019 annual results for the third time this...

Wirecard Troubles in Germany – Class actions against the company and auditor EY adding to BaFin investigations

Compliance tamir -
Not surprisingly, the turbulent times do not seem to be coming to an end soon for Wirecard. Already 2019 was dominated by accusations of balance sheet manipulation, shabby business practices, and compliance issues which were raised primarily by the Financial Times. Founder and CEO Markus Braun has always strictly rejected the accusations. Wirecard filed lawsuits and criminal complaints against the critics.

Wirecard drama continues – what about the pink elephant called money-laundering for big illegal organizations?

featured left tamir -
With the KPMG special audit report on the table Wirecard still pretends to believe that the accusations of balance sheet manipulation, irregularities in accounting, kick-back payments, and lack of transparency raised from many sides have been refuted or at least not been confirmed. The accusations of money-laundering in the context of client relationships with cybercrime organizations and scam operators are not dealt with at all. Admittedly, the scope of the special audit of KPMG did not include this pink elephant in the room.

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