{"id":55005,"date":"2024-12-19T06:20:48","date_gmt":"2024-12-19T06:20:48","guid":{"rendered":"https:\/\/prosfunds.com\/?p=55005"},"modified":"2024-12-19T06:20:50","modified_gmt":"2024-12-19T06:20:50","slug":"ey-wins-first-dax-audit-client-since-wirecard-scandal","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=55005","title":{"rendered":"EY wins first Dax audit client since Wirecard scandal"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=24631a52-717a-4cea-b96b-f345cd3bef32\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>EY has signed up its first new Dax-listed audit client since the collapse of payments group Wirecard despite a ban on winning auditing mandates from listed German companies.<\/p>\n<p>Qiagen, a biotech group listed in New York and Frankfurt, has hired the Big Four firm as its new group auditor from January, when it will replace KPMG, which has held the mandate for a decade. <\/p>\n<p>EY took on the mandate months after accepting a two-year ban on taking on new listed audit clients in Germany following alleged violations of its professional duties in its audits of Wirecard, which collapsed in 2020 in one of Europe\u2019s biggest ever accounting scandals.<\/p>\n<p>The mandate from Qiagen, which has \u20ac2bn in annual revenues and a market capitalisation of \u20ac10bn, highlights the limitations of national audit regulation in Europe.<\/p>\n<p>While Qiagen\u2019s European operational headquarters is in the German town of Hilden near D\u00fcsseldorf and the company is one of the 40 members of Germany\u2019s blue-chip Dax index, it is incorporated in the Netherlands, having moved its legal headquarters to Venlo in 1996. <\/p>\n<p>\u201cWe are a Dutch incorporated company with\u00a0global shares\u00a0listed in the US on the NYSE and also in Germany,\u201d Qiagen said in a statement.<\/p>\n<p>German audit watchdog Apas did not immediately respond to a request for comment.<\/p>\n<p>The Wirecard fraud plunged EY Germany, which had issued unqualified audits for the payments group for almost a decade, into crisis. Despite repeated whistleblower complaints and critical press coverage, the firm missed that \u20ac1.9bn in corporate cash and half of Wirecard\u2019s revenue were fake. <\/p>\n<p>After a multiyear investigation, Apas concluded that EY\u2019s audits had been \u201cat the very least\u201d negligent and in some cases grossly negligent, the Financial Times previously reported. However, it did not establish whether the firm had acted with criminal intent.<\/p>\n<p>Qiagen told the FT in its statement that it had \u201cconducted a thorough review of the small group of global audit firms\u201d that could work for it, given the requirement to meet both US and EU standards. <\/p>\n<p>The company added that shareholders \u201cvoted 99.9 per cent in favour\u201d of EY at Qiagen\u2019s latest annual meeting in June. It formally mandated EY\u2019s Dutch division Ernst &amp; Young Accountants LLP but it also signed an engagement letter with the Big Four firm\u2019s German unit. <\/p>\n<p>Following the Wirecard scandal, EY lost a series of high-profile German audit clients, including Commerzbank, Deutsche Telekom, DWS and state-owned lender KfW, and did not win any new mandates even before the two-year ban formally started to bite this year. <\/p>\n<p>The firm has overhauled its German legal structure to separate audit and consulting services, leading to allegations from former Wirecard shareholders over potential asset stripping that they claim will make it harder if not impossible to enforce damage claims over its allegedly flawed audits of the defunct payments group. <\/p>\n<p>Former investors and Wirecard\u2019s administrator are suing EY for billions of euros in damages in a series of slow-moving and long-running lawsuits whose outcomes remain uncertain.<\/p>\n<p>People familiar with the matter told the FT that EY was pitching for a series of additional high-profile audit mandates in Germany that will become available from 2026, including pharma and agrochemicals group Bayer, retailer Metro and holiday operator Tui.<\/p>\n<p>EY declined to comment.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/24631a52-717a-4cea-b96b-f345cd3bef32\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. EY has signed up its first new Dax-listed audit client since the collapse of payments group Wirecard despite a ban on winning auditing mandates from listed German companies. Qiagen, a biotech group listed in New [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":55006,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-55005","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>EY wins first Dax audit client since Wirecard scandal | Prosfunds<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.EY has signed up its first new\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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