Business Ethical Scandal: Wirecard Collapse (Essay Sample)
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Analyze the basic components of an effective performance appraisal.
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Business Ethical Scandal: Wirecard Collapse
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Business Ethical Scandal: Wirecard Collapse
The German company, Wirecard, filed for insolvency when it disclosed a gaping hole after EY (its auditor) gave a statement indicating the hole was a complex global fraud - There were indocators showing how an elaborate and sophisticated the fraud was, having involved several parties from different parts of the world. The payment firm admitted to the non-existence of $2.1 billion in its accounting books. EY stated that it had received false escrow accounts confirmations which they reported to the authorities, a statement Wirecard declined to comment on (Jo, Annie, Rosamaria, and Jorge, 2021). The collapse of Wirecard was a total disaster that ever happened to one of the best European fintech companies. Zatarra Research alleged in 2016 that there were fraudulent activities such as money laundering offenses committed by senior executives at Wirecard.
The Wirecard destroyed investors’ trust, revealed institutional and market oversight, and created a negative spillover. Reforms on external audits should be considered aimed at strengthening accountability in auditors. Auditors should act responsibly and with high level of integrity to uncover identified forms of accounting fraud or manipula
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