04798nam a22004575i 4500001001800000003000900018005001700027007001500044008004100059020003700100024003500137050002000172072001700192072002300209072001600232100008200248245016500330250001800495264007900513300006500592336002600657337002600683338003600709347002400745505047600769520265301245650002103898650002303919650002103942650003303963700008403996710003404080773002604114776003604140776003604176776003604212856004604248912001404294912001504308999001704323978-3-031-59854-8DE-He21320251030112631.0cr nn 008mamaa240716s2024    sz |    s    |||| 0|eng d  a97830315985489978-3-031-59854-87 a10.1007/978-3-031-59854-82doi 4aHF5667-5668.252 7aKFCM2bicssc 7aBUS0030002bisacsh 7aKFCM2thema1 aLöw, Edgar.eauthor.4aut4http://id.loc.gov/vocabulary/relators/aut98066614aThe Audit Failures of the Wirecard Scandalh[electronic resource] :bExamining the Role of the Auditor in Regulatory Oversight /cby Edgar Löw, Reinhard Heyd.  a1st ed. 2024. 1aCham :bSpringer Nature Switzerland :bImprint: Palgrave Macmillan,c2024.  aXVI, 173 p. 13 illus., 12 illus. in color.bonline resource.  atextbtxt2rdacontent  acomputerbc2rdamedia  aonline resourcebcr2rdacarrier  atext filebPDF2rda0 a1. Wirecard – Chronicle, Public allegations, and the Downfall of the company -- 2. Fundamental Principles of an Audit -- 3. Wirecard´s business model -- 4. Fiduciary relationships -- 5. Trade Receivables versus Cash and Cash equivalents -- 6. Sales revenue and Commissions -- 7. Segment Reporting -- 8. Risk Reporting in the Notes of the Consolidated Financial Statements and Group Management Reports -- 9. Audit Opinion and Auditor's Report -- 10. Concluding remarks.  aWirecard was the largest economic scandal in the history of Germany. Following the collapse of Wirecard, numerous lawsuits, both criminal and civil by equity and debt investors, were filed not only against Wirecard but also against the auditor Ernst & Young. This book demonstrates that a proper audit in accordance with the auditing standards would have uncovered the fraud much earlier, and details what went wrong. The book first deals with the fundamentals of auditing and examines the Wirecard business models from a legal and economic perspective. Then, the book deals with the fiduciary structure, which there has been often debated. When the fraud was uncovered, it became clear that 1.9 billion Euros that were supposed to be in escrow accounts were not. The book discusses the balance sheet mapping in detail, including the related audit requirements and examines in which balance sheet item the amounts (allegedly) in escrow accounts should have been reported, before examining and weighing the corresponding income statement items. In each chapter, not only are the accounting requirements presented, but the requirements for audit measures based on the respective Standards on Auditing are highlighted and explained in detail. The book places the requirements for reporting in the context of the Wirecard case, and will be of interest to accountants, auditors, market regulators, and credit risk analysts alongside students of accounting/auditing. Edgar Löw is a Professor of Accounting and the Program Director of the Master in Auditing at the Frankfurt School of Finance & Management. He teaches courses on banking and financial instruments accounting as well as national and international accounting standards. Löw also serves as a member of several professional bodies including the German Institute of Public Auditors, the European Financial Reporting Advisory Group, the European Banking Authority and Accountancy Europe. Before joining academia, Löw held several senior positions in the banking and audit industry, working for Deutsche Bank, Arthur Andersen, and KPMG in Frankfurt. Before joining Frankfurt School’s Accounting Department, Löw was a partner at Ernst & Young in Eschborn/Frankfurt, serving as the Head the Professional Practice Department FSO and of Financial Accounting Advisory Services Banks Germany. Reinhard Heyd is a Professor of Accounting and Auditing at Aalen University and provides lectures in financial accounting and auditing. In addition, he is an honorary professor at the University of Ulm and the author of numerous books and papers about accounting, auditing, and corporate governance. 0aAuditing.960872 0aAccounting.95762214aAuditing.96087224aFinancial Accounting.9575701 aHeyd, Reinhard.eauthor.4aut4http://id.loc.gov/vocabulary/relators/aut9806672 aSpringerLink (Online service)0 tSpringer Nature eBook08iPrinted edition:z978303159853108iPrinted edition:z978303159855508iPrinted edition:z978303159856240uhttps://doi.org/10.1007/978-3-031-59854-8  aZDB-2-ECF  aZDB-2-SXEF  c61645d61645