Accounting fraud

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.

Wirecard AG’s former chief executive officer was detained by Munich prosecutors after 1.9 billion euros ($2.1 billion) went missing from the digital-payment company, in a scandal that has rattled Germany’s financial industry.

Wirecard AG was left fighting for survival after acknowledging that 1.9 billion euros ($2.1 billion) that it had reported as assets probably don’t exist, deepening an accounting scandal that has rattled Germany’s financial industry.

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).

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.

Steinhoff International Holdings NV is paying for forensic auditors at PwC to help South African anti-corruption police investigate alleged financial wrongdoing that brought the retailer to the brink of collapse.

South Korean prosecutors have summoned Samsung Electronics Co. Vice Chairman Jay Y. Lee for questioning in an ongoing investigation into alleged accounting fraud and a controversial 2015 merger of two Samsung affiliates, dealing another legal blow to the country’s largest corporation.

The short version of Hertz Global Holdings Inc.’s bankruptcy story goes something like this: Global pandemic obliterates the travel business and lands an iconic 102-year-old company in court to seek protection from creditors.

Grant Thornton CEO Brad Preber and principal Linda Miller, who leads the firm's fraud and financial crimes practice, offer strategies to help businesses protect themselves from fraud amid the pandemic environment.

China’s securities regulator blacklisted six executives for their role in a $4.2 billion accounting scandal at Kangmei Pharmaceutical Co., one of the country’s biggest drugmakers.