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.

Abdo, Eick & Meyers launches a technology and data solutions services group; LBMC adds five shareholders; and more CPA news.

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.

The Public Company Accounting Oversight Board issued inspection reports Monday for the six largest auditing firms in a new format with more graphs and charts.

EY adds to global executive team; BKD breaks out big data & analytics into new national practice; and more CPA news.

EY’s Dutch unit is asking its partners in the Netherlands to stump up funding to help it confront the blow to its business from COVID-19 measures.

The U.K.’s Financial Reporting Council has opened an investigation into Ernst & Young LLP’s auditing of NMC Health Plc, the Middle Eastern hospital operator facing fraud allegations.

EY leads among the largest auditors in the first quarter of 2020.

Ernst & Young must pay $10.8 million to an auditor who blew the whistle on wrongdoing at a Dubai gold refiner in another black eye for the U.K. accounting industry.

China’s second accounting scandal in less than a week is underscoring concern over lax corporate governance at some of the country’s fastest-growing companies.

The Internal Revenue Service is including a question at the top of Schedule 1 of the Form 1040 this year asking taxpayers whether they received, sold, sent, exchanged or acquired a financial interest in virtual currency in 2019, but most taxpayers won’t have any record from a Form 1099 about their cryptocurrency transactions.

Big Four firms EY and KPMG were further honored as 'Top 10' companies for their mentoring and advancement of female professionals.

The first step in making the most of this new technology is for accountants to learn to start trusting it.