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MarketScreener Homepage  >  Equities  >  Xetra  >  Wirecard AG    WDI   DE0007472060

WIRECARD AG

(WDI)
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Wirecard : EY to 'raise bar' in spotting fraud after Wirecard accounts scandal

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09/15/2020 | 09:49am EDT
FILE PHOTO: The logo of Wirecard AG is pictured at its headquarters in Aschheim

Global accounting firm EY said on Tuesday it regretted not spotting fraud at German payments company Wirecard sooner and that it would improve how it verifies information from clients through greater use of technology.

German regulators are examining EY's role as auditor for Wirecard, which collapsed in June after a 1.9 billion euro ($2.3 billion) hole was discovered in its books.

"Many people believe that the fraud at Wirecard should have been detected earlier and we fully understand that. Even though we were successful in uncovering the fraud, we regret that it was not uncovered sooner," EY's Global Chairman and Chief Executive Carmine Di Sibio said in a note to clients.

EY said it will mandate the use of data analytics for fraud testing, use more outside data such as social media and match banking transaction records with those provided by the bank.

It said that using innovative technologies can help detect management-led fraud faster in future.

"All of these raise the bar significantly and go beyond currently accepted professional standards," Di Sibio said.

Auditors are not primarily responsible for detecting fraud, but pressure on accounting firms to up their game has increased in Britain following corporate scandals at builder Carillion, retailer BHS, and cafe chain Patisserie Valerie.

A British government-sponsored report last year recommended that auditors should be required to look for fraud.

EY said Germany's investigations into audits it carried out are likely to go on for several months.

"The collusive acts of fraud at Wirecard were implemented through a highly complex criminal network designed to deceive everyone - investors, banks, supervisory authorities, investigating lawyers and forensic auditors, as well as ourselves," Di Sibio said.

($1 = 0.8414 euros)

By Huw Jones

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Financials
Sales 2019 2 769 M 3 221 M 3 221 M
Net income 2019 524 M 609 M 609 M
Net cash 2019 1 135 M 1 321 M 1 321 M
P/E ratio 2019 0,19x
Yield 2019 30,8%
Capitalization 97,8 M 114 M 114 M
EV / Sales 2019 -0,37x
EV / Sales 2020 -0,61x
Nbr of Employees 5 685
Free-Float 97,4%
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Technical analysis trends WIRECARD AG
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Income Statement Evolution
Consensus
Sell
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Mean consensus SELL
Number of Analysts 5
Average target price 0,62 €
Last Close Price 0,80 €
Spread / Highest target -22,2%
Spread / Average Target -22,2%
Spread / Lowest Target -22,2%
EPS Revisions
Managers
NameTitle
Thomas Eichelmann Chairman-Supervisory Board
Wulf Matthias Member-Supervisory Board
Stefan Klestil Member-Supervisory Board
Vuyiswa V. M’Cwabeni Member-Supervisory Board
Anastassia Lauterbach Non-Executive Director
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