Wirecards collapse sparks German soul-searching over work of auditors, financial regulator
Payment processor Wirecard had been hailed as a German superstar in the world of financial services \u2014 an example of how a strong idea could see Europe compete with the Silicon Valley giants. Then things went awry, with media reports of behind-the-scenes irregularities. Finally, it was revealed that Wirecard had a 1.9 billion-euro accounting blackhole, leading the company to collapse, leaving aggrieved creditors and shareholders in its wake. The debate over Wirecard\u2019s implosion is now centering on Germany\u2019s financial regulator, BaFin, and the shortcomings of its oversight; the failure of the company\u2019s auditor, EY, to identify the accounting problems is also attracting scrutiny.