Wirecard woes mount for EY as clients leave

Because of EY’s role as Wirecard’s auditor, there’s a possible conflict of interest, since many of its German clients were investors in the online payments company and will try to recoup their investments.

LONDON: KfW, Germany’s third-largest bank by assets, may drop Ernst & Young (EY) as auditor as EY continues to be plagued by its role in the country’s Wirecard accounting scandal.

The German government is taking a close look at the auditing of state-run KfW, and is considering dropping EY, according to sources. No decision has been made, and the tender remains open, the sources said.