Top Audit Firm EY Fined $545,000 & Banned in Germany from New Audits of Major Companies for 2 Years for Breaching Professional Duty in Wirecard Audit Between 2016 to 2018, Wirecard Bankrupt in 2020 with $2 Billion Missing, $4 Million Owed to Creditors & $1.5 Billion Gambling Money Laundered
7th April 2023 | Hong Kong
Top audit firm EY had been fined $545,000 (€500,000) and banned in Germany (Accounting Regulator APAS) from new audits of major companies for 2 years for breaching professional duty in Wirecard audit between 2016 to 2018, with Wirecard filing for bankruptcy in 2020 with $2 billion missing, $4 billion owed to creditors and $1.5 billion gambling money laundered. In 2022, the United States Securities and Exchange Commission (SEC) has imposed a $100 million penalty on top accounting firm EY for cheating by its audit professionals for Certified Public Accountant (CPA) licenses examinations, and withholding evidence and hindering investigation. In March 2023, EY planned split of Audit business & Consulting business had “paused” due to internal disagreements but EY CEO Carmine Di Sibio assures the split will go through. In 2022 September, EY was expected to approve the proposal to split the accounting firm and consulting firm to reduce conflict of interest and to accelerate respective business growth, with the final decision to take place in early 2023 with potential IPO plans, and EY partners may receive $8 million including shares of the new consulting business. More info below.
“ Top Audit Firm EY Fined $545,000 & Banned in Germany from New Audits of Major Companies for 2 Years for Breaching Professional Duty in Wirecard Audit Between 2016 to 2018 “
EY Split of Audit & Consulting Business Paused Due to Internal Disagreements But EY CEO Carmine Di Sibio Assures Split Will Go Through, Final Decision Targeted in 2023 with Potential IPO Plans & Partners to Receive $8 Million Including Shares of New Consulting Business
11th March 2023 – EY planned split of Audit business & Consulting business had “paused” due to internal disagreements but EY CEO Carmine Di Sibio assures the split will go through. In 2022 September, EY was expected to approve the proposal to split the accounting firm and consulting firm to reduce conflict of interest and to accelerate respective business growth, with the final decision to take place in early 2023 with potential IPO plans, and EY partners may receive $8 million including shares of the new consulting business. The new EY consulting business will hold around 60% of revenue, and audit will hold around 40% of revenue. With the split, the consulting business may go publicly listed with estimated market value of around $10 billion, with equities being distributed to EY partners and EY employees. More info below.
“ EY Split of Audit & Consulting Business Paused Due to Internal Disagreements But EY CEO Carmine Di Sibio Assures Split Will Go Through, Final Decision Targeted in 2023 with Potential IPO Plans & Partners to Receive $8 Million Including Shares of New Consulting Business “
EY Expected to Approve Proposal to Split Audit & Consulting Services with Final Decision in Early 2023 with Potential IPO Plans, Partners to Receive $8 Million Including Shares of New Consulting Business
9th September 2022 – EY is expected to approve the proposal to split the accounting firm and consulting firm to reduce conflict of interest and to accelerate respective business growth, with the final decision to take place in early 2023 with potential IPO plans and EY partners may receive $8 million including shares of the new consulting business. The new EY consulting business will hold around 60% of revenue, and audit will hold around 40% of revenue. With the split, the consulting business may go publicly listed with estimated market value of around $10 billion, with equities being distributed to EY partners and EY employees. EY has 13,000 partners and around 312,000 employees globally. EY is one of the world’s largest accounting firm and one of the Big 4 accounting firm alongside Deloitte, KPMW & PwC, has around 312,000 employees globally.
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