What are the wider supervisory implications of the Wirecard case?

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Series Details PE 651.383
Publication Date October 2020
ISBN 978-92-846-7342-1
EC QA-02-20-907-EN-N
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While multiple causes underpin accounting scandals such as Wirecard, they often point at deficiencies in the audit profession and its oversight. Currently, the system of national public audit oversight boards (POBSAs) is fragmented and overly complex, characterized by limited responsiveness to red flags, and apparent lack of communication among the POBSAs, and with other supervisors. This suggests supervisory coordination and clear action triggers are imperative. Importantly, pervasively low transparency limits the usefulness of this briefing and hinders evidence-based policy making.

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This document was provided by the Economic Governance Support Unit at the request of the ECON Committee.

Source Link https://www.europarl.europa.eu/thinktank/en/document.html?reference=IPOL_STU(2020)651383
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  • https://www.europarl.europa.eu/RegData/etudes/STUD/2020/651383/IPOL_STU(2020)651383_EN.pdf
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