German payments company Wirecard is wrestling with fraud allegations after an expose in the Financial Times. It has now enlisted the services of KPMG to go over its accounting practices.
The story began last week when the Financial Times published documents from Wirecard. Those files seemed to indicate a conscious effort to fraudulently inflate sales and profits, according to the publication.
Wirecard has vehemently argued against these conclusions and has denied any wrongdoings.
Nevertheless, the company share value suffered a 20% drop after the story broke.
On Monday October 21, Wirecard announced that it had commissioned KPMG to conduct an additional independent audit to clarify fully and independently all accusations raised by the Financial Times.
As part of this process, KPMG will be given unrestricted access to all information across the company and will publish the results in due time.
Wulf Matthias, chairman of the supervisory board of Wirecard, said, “We have complete confidence in the audit procedures performed to date and their results. We assume this renewed independent review will lead to a final end to all further speculation.”
Markus Braun, CEO of Wirecard AG, added, “I am convinced that confidence in our successful and strongly growing business will be strengthened as a result of this independent audit.”
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