Handelsblatt reported Monday that APAS banned EY from auditing public interest enterprises for two years and fined it 500,000 euros ($541,650.00).
APAS denied it. Monday will see EY’s punishment.
In June 2020, Wirecard filed for insolvency, owing creditors $4 billion, after EY found a 1.9 billion euro accounting hole.
The 1999-founded company processed gambling and pornographic website payments before becoming a fintech star and part of Germany’s blue-chip DAX index.
Handelsblatt reported that APAS found EY guilty of serious misconduct.
EY cannot tender for particular firm audits for two years. Handelsblatt said that all listed enterprises and most financial institutions—banks and insurers—are involved.
