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FRANKFURT (Dow Jones) – The tone is not only getting rougher in politics when it comes to the Wirecard debacle – the situation is also becoming noticeably unpleasant for EY, the long-standing auditor of the insolvent payment service provider. According to information from the Süddeutsche Zeitung (SZ, Wednesday edition), the Supervisory Board of Commerzbank at its meeting this Wednesday is concerned with the question of whether the bank should continue to have the group figures audited by EY or whether it would be better to recommend a change of auditor to the general meeting.
A decision has not yet been made – but they are concerned that the Wirecard scandal will get EY into trouble and that this could affect Commerzbank’s audit, said an insider, according to the newspaper. A spokeswoman for the institute was just as unwilling to comment on the SZ’s request as EY.
The fact that Commerzbank is even discussing the topic on the supervisory board should be a warning signal to the auditors. It is time-consuming and legally difficult to change providers unscheduled. Companies needed the approval of the general meeting and a good reason. The Wirecard scandal could thus have economic consequences for EY in addition to damage to its reputation, the newspaper continued.
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(END) Dow Jones Newswires
September 01, 2020 6:00 PM ET (10:00 PM GMT)