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Fiduciary Relationships

In: The Audit Failures of the Wirecard Scandal

Author

Listed:
  • Edgar Löw

    (Frankfurt School of Finance & Management)

  • Reinhard Heyd

Abstract

The fraud at Wirecard took place in Asia through business activity with third-party acquirers (TPA). The scandal resulted in 1.9 billion Euro in payment funds not being available. They were allegedly held in escrow accounts. We will therefore first deal with types of fiduciary relationships and accounting consequences and then go into the necessary audit procedures. We show which audit procedures had to be carried out to ensure that the cash shown on the balance sheet actually existed. If the audit would have been provided properly, the fraud could have been discovered very quickly. We uncover the massive deficiencies in the audit procedures.

Suggested Citation

  • Edgar Löw & Reinhard Heyd, 2024. "Fiduciary Relationships," Springer Books, in: The Audit Failures of the Wirecard Scandal, chapter 0, pages 61-78, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-59854-8_4
    DOI: 10.1007/978-3-031-59854-8_4
    as

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