Does the WireCard fraud have enough to take down EY (the auditor who didn't bother to check bank account balances) ?
EY corporate structure is split by country....so theoretically one bad actor won't take down the entire global firm via legal liability...but that may not be enough if WireCard is as bad as Enron.
thoughts?
There are already several class action lawsuits that kicked off, I would say they are in trouble. but not the end of the world for them. https://ey-klage.de/ https://schirp.com/en/wirecard-disaster-of-june-18th-2020-must-ey-compe…
This is the kind of stuff that just makes me ask what do these people do all day?
"EY failed to ask for Wirecard bank statements for 3 years"
Then what did you actually do for those 3 years? There are no standards at all. I honestly hope they go completely down. Germany is not China. What their people do in Germany is a mirror of what they do elsewhere because it is a top economy connected globally and with modern standards of business. My bank has used them in the past (even during corona) for their consulting services but I honestly I hope I don't see their logo in a powerpoint ever again. From this point on anyone who works with EY is a fool and a bigger fool if they invest in EY audited companies.
I'll echo this - they should go down, but gut feeling is they won't..
I've also used EY's consulting services and was less than impressed. My experience has been that we've received much better work products from Deloitte and PwC than from KPMG and EY
Isn't their whole motto we are efficient, never go into debt and never misuse resources? Seems fishy how ey didn't immediately pick that up
You'd be surprised how clueless and amateurish some (if not most) businesses operate in Germany its literally a circus
EY's stock is prolly going to go down!
Boy, am I grateful now I did not take that EY internship I was offered!
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