9/15/2020, 2:15 PM (Source: TeleTrader)
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EY head: Wirecard should have been exposed sooner

The fraud at Wirecard "should have been detected earlier," Ernst & Young Chairman Carmine Di Sibio said on Tuesday.

"Even though we were successful in uncovering the fraud, we regret that it was not uncovered sooner," he said in a letter to partners and top executives at client firms which was seen by FT. Di Sibio added that EY will rely more on technology in its future audits and introduce additional third-party data as well as provide its employees with forensic accounting education.

EY is facing a probe in Germany over the way it handled the Wirecard scandal.

Breaking the News / VP