oops 001

Ernst & Young are in some fairly warm water. The Wirecard fiasco is the kind of thing that happens when you use software to do lots of the audit grunt, in order to maximize personal profitability, ....and some basic common sense and simple checks get thrown out in the electronic haze. Checking bank balances to bank statements at a year end is one of the simplest audit checks to do.

And one of the commonest ways clients pull one over the auditors is conveniently arranging/pretending a statement "only comes once a year, but oh here is our ledger list that you can use instead, shall we go for that long lunch I promised you......"

PS. We strongly recommend Private Eye for inside stories on business matters !