3 ms·
> In 2019, the boss of the supervisory board hired KPMG mainly to independently confirm that everything is splendid at Wirecard (E&Y is the auditor of Wirecard)
by luckylion 6y ago
> In 2019, the boss of the supervisory board hired KPMG mainly to independently confirm that everything is splendid at Wirecard (E&Y is the auditor of Wirecard).
So, will anything happen to E&Y, or do they just get to say "we didn't know that was fraudulent, we just did what we got paid to do"?
- bradleyjg 6y agoArthur Andersen went out of business after Enron and the big five became the big four. Maybe that was a good outcome in terms of accountability but there needs to be some effective process for promoting new members if we are going to keep culling this club.
- 9nGQluzmnq3M 6y agoThey didn't go entirely out of business: their consulting arm is now known as Accenture.
- kevindkeogh 6y agoThe split happened prior to the Enron bankruptcy and was the result of a decade of litigation (Andersen consulting partners weren't happy with the profit-splitting with the audit partners).
- C1sc0cat 6y agoOne of the big 5 was banned from Uk government work for decades over the Delorean Scandal.
- skinnymuch 6y agoArthur Anderson if I’m recalling correctly didn’t go out of business so much as pushed out of business not fairly or completely legally by the feds.