Ernst and Young LLP’s reputation as an auditor is straining beneath the weight of four high-profile scandals that threaten to generate big legal bills and dent the firm’s international standing.
The latest involves EY’s auditing of Wirecard AG, the German payment processing company that revealed a hole of 1.9 billion euros ($2.1 billion) in its finances. Markus Braun, Wirecard’s former chief executive officer, was arrested Monday in Munich, where prosecutors said he was suspected of inflating the company’s balance sheet and sales with fake transactions.
The accounting firm is also under investigation by the U.K. accounting watchdog over its auditing ...
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