EY

Wirecard auditors say ‘elaborate’ fraud led to missing billions

Britain’s audit industry faces another dent to its reputation as the nation’s accounting watchdog ordered a probe into PricewaterhouseCoopers LLP, Ernst & Young and Oliver Clive & Co.’s work for defunct London Capital & Finance Plc.

Markus Braun’s almost two decades as Wirecard AG’s chief executive officer ended after accusations about the company’s accounting culminated in a shock disclosure that it was unable to locate 1.9 billion euros ($2.1 billion).

Big Four firm Ernst & Young and its business tax clients at companies across the U.S. and other countries have faced a series of challenges amid the pandemic.

Wirecard suffered one of the worst stock slumps in the history of Germany’s benchmark index after revealing that about 1.9 billion euros ($2.1 billion) in cash has gone missing, spooking investors who have endured years of allegations of wrongdoing at the payments company.

It pays to be a senior executive in a U.S. family office. Private investment firms of rich families there have the greatest number of C-suite executives making more than $396,000 a year.

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David Smith fought extradition from Canada for 11 years before being returned to face trial last year.

EY was sued over its work for the payment company, just two days after Wirecard’s headquarters were raided as part of a market manipulation probe.

The Big Four increased their percentage of SEC audit engagements at the expense of the rest of the top 10 auditors in 2019.