Deutsche Telekom Cancels EY Audit Appointment Over Wirecard

Ernst and Young LLP stands to lose a major German audit client as a result of the Wirecard scandal.

Deutsche Telekom AG has reversed a decision to replace its auditor, PwC, with EY for fiscal 2021 because of “unresolved allegations against EY” over the firm’s audit of Wirecard AG. Instead, it said, it will retender the audit and stick with PwC for another year.

• The German telecommunications giant made the announcement in the invitation to its annual general meeting. It was first reported Tuesday by Handelsblatt.
• “Deutsche Telekom has informed us of its decision not to change their auditor in ...