AuditorRecord

Abschlussprüferaufsichtsstelle (APAS, Auditor Oversight Body) at BAFA · Germany

EY (German member firm): fine by Abschlussprüferaufsichtsstelle (APAS, Auditor Oversight Body) at BAFA

Audit or matter: Wirecard AG and Wirecard Bank AG (2016 to 2018 audits)

Decision date31 March 2023
SanctionFine
Amount as stated€500,000, plus a two year ban on new public interest entity audit mandates
StatusDecided by the APAS enforcement panel on 31 March 2023 and subject to appeal when announced. Whether it became final is not confirmed.
NetworkEY

What the regulator found

The Auditor Oversight Body said its enforcement panel found breaches of professional duties regarding the 2016 to 2018 audits of Wirecard AG and Wirecard Bank AG, fined the audit firm €500,000 and barred it for two years from newly contracted audits of public interest entities. The authority did not name the firm, saying it is not legally permitted to disclose names. AP and the Financial Times reported that the firm was the German arm of EY. The authority said the decision is subject to appeal.1,2,3

Firm response

AP reported that EY said it had cooperated with the investigation and that "we regret that the collusive fraud at Wirecard was not discovered."2

Status: Decided by the APAS enforcement panel on 31 March 2023 and subject to appeal when announced. Whether it became final is not confirmed.1,4

Sources

  1. Federal Office for Economic Affairs and Export Control (BAFA), Auditor Oversight Body, Auditor Oversight Body (AOB) comes to a decision on Wirecard audits (3 April 2023)
  2. Associated Press via Yahoo News, EY fined over audits of failed German payments firm Wirecard (3 April 2023)
  3. Financial Times via The Irish Times, German audit watchdog bans EY over Wirecard work (3 April 2023)
  4. Börsen-Zeitung, EY steckt Mandatssperre nach Wirecard weg (25 March 2025)