Accounting fraud

An Ernst & Young partner said his firm fell victim to “criminals,” rejecting allegations EY didn’t do enough to uncover wrongdoing at the now-defunct payment processor.

Most of the insurers that provided the company with director-liability policies have agreed to pay as much as $93 million toward settlements resulting from a 2017 accounting crisis.

Top executives at companies hit by accounting scandals could lose their bonuses under U.K. proposals for beefed-up regulation after a wave of corporate collapses including Carillion Plc and travel firm Thomas Cook Group Plc.

Embattled Chinese coffee chain Luckin Coffee Inc. filed for Chapter 15 bankruptcy in New York, less than a year after the company said that more than a quarter’s worth of business may have been faked.

Germany wants to bolster the expertise at its top financial regulator to prevent a repeat of the Wirecard scandal that exposed significant cracks in the country’s oversight.

A former senior executive at Wirecard AG escaped from Austria to Belarus on a private aircraft last year with the help of a secret-service agent and a far-right politician.

A member of Deutsche Bank AG’s supervisory board faced criticism from lawmakers and the bank itself for suggesting that Wirecard AG go after journalists that had written critical stories about the since-collapsed payments company.

The Securities and Exchange Commission has been launching enforcement actions against various types of financial fraud schemes, with improper revenue recognition seen as the most common type of fraud, according to a new analysis.

The U.K. arm of Deloitte got a record fine from Britain’s accounting watchdog in September. With the full judgment against the firm laid bare last week, you can see why.

The United Kingdom’s Financial Reporting Council issued a report Wednesday on its sanctions against Deloitte for audits of a British software company that was acquired by HP.

The company made up more than $300 million in fake retail sales.

Fraud is continuing to increase this year, in part due to the COVID-19 pandemic, according to a new survey by the Association of Certified Fraud Examiners.

The head of Germany’s accounting regulator faces scrutiny after telling a parliamentary committee that he traded Wirecard AG shares while his agency was reviewing the now bankrupt payment company’s external audits.

An income statement summarizes revenues and expenses and then reports profits. Isn’t that just like the Christmas letter that summarized all the year’s activities?

Wirecard AG’s former chief executive officer appeared in public for the first time since his July detention in connection with the collapse of the electronic payment company, but lawmakers hoping for insights from the disgraced manager were left disappointed.

The press helps keep firms honest, according to a new academic paper.

Troubled commodities trader GP Global Group has “accounting irregularities” in its books, according to the restructuring adviser hired to salvage the company’s assets.

Two senior executives at Botswana supermarket chain Choppies Enterprises Ltd. are suing former auditors PwC for 653 million rand ($40 million) for not signing off on the company’s 2018 accounts, which led to a share price collapse.

General Electric Co. warned that it’s likely to face Securities and Exchange Commission allegations of accounting misdeeds, setting back CEO Larry Culp’s effort to put the company’s rocky past behind it.

KfW, Germany’s third-largest bank by assets, may drop Ernst & Young as auditor as EY continues to be plagued by its role in the country’s Wirecard accounting scandal.