Wirecard hires KPMG for independent audit amid accounting doubts

  • Corporate News
  • Monday, 21 Oct 2019

The headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions is seen in Aschheim near Munich, Germany April 25, 2019. REUTERS/Michael Dalder/Files

BERLIN: Wirecard AG commissioned KPMG to conduct an independent audit of the digital payments company in its latest effort to calm investors rattled by reports of accounting irregularities.

The audit firm will have "unrestricted access to all information on all levels of the group, ” Wirecard said in a statement on Monday. KPMG’s review of accusations raised by the Financial Times will begin immediately and will be presented in "due course.”

"We have complete confidence in the audit procedures performed to date and their results, ” Chairman Wulf Matthias said in the statement. "We assume this renewed independent review will lead to a final end to all further speculation.”

Wirecard’s shares tumbled after a FT report last week over questionable accounting methods, reviving concerns from earlier this year. The company dismissed the claims saying that the figures had been audited by EY and that the names mentioned by the FT as having questionable links to the company referred to internal labels for customer clusters.

Wirecard then on Friday tried to regain confidence by announcing plans to buy back as much as 200 million euros ($223 million) in stock.

Rather than reporting to Chief Executive Officer Markus Braun or other day-to-day executives, KPMG is "obliged only to the supervisory board” and will be supported by Thomas Eichelmann, head of the body’s audit committee, Wirecard said.

"I am convinced that confidence in our successful and strongly growing business will be strengthened as a result of this independent audit, ” Braun said in the statement. - Bloomberg

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