The penalty is a financial blow to the accountancy firm—and an even bigger reputational one
’s decision comes after a three-year investigation into’s role in the demise of Wirecard, a fintech darling turned Germany’s biggest post-war corporate scandal.had given Wirecard a clean bill of health for a decade until the company collapsed in 2020 amid allegations of massive financial fraud.violated its duty of care during the audit of Wirecard and Wirecard Bank. Five current and former employees were also fined between €23,000 and €300,000.
Regulators, for their part, think audits could be improved. They have tried to increase competition. For instance, in Europe firms must rotate their auditors, typically after ten years. Yet despite such efforts, audit remains a cosy oligopoly. The so-called “big four”—Deloitte,
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