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The spectacular demise of the former Dax Wirecard group not only shook the financial world, but also caused trouble in an industry that doesn’t really like being in public: auditors.
For years, the audit firm EY had approved Wirecard’s balances without hesitation. Competitor KPMG subjected the payment processor to a special audit in its final phase.
But instead of cooperating with each other, the best dogs now attack each other. Not with the visor open, there is a lot at stake in the underground industry: reputation, but above all billions in sales, because the rules of the game are changing rapidly. The battle of the global oligopoly of the “Big Four” consisting of EY, KPMG, PwC and Deloitte for market share is fierce, and its most dramatic scene in Germany is the Wirecard scandal.
So far, EY has played the role of the scapegoat in the battle – there have been multiple criminal charges against the company and lawsuits for damages are piling up in court. Bondholders, banks and, at some point, insolvency administrator Michael Jaffé will try to recoup some of the billions that were lost on the audit giant’s Wirecard.
