The Wirecard scandal has highlighted the role of large audit firms. Their work is supposed to create trust in companies. But are appearances deceptive?

EY, PwC, KPMG and Deloitte: the “Big Four” auditing firms are not household names. Yet they play a key role in the global economy.

They have also been at the centre of several major financial scandals. For ten years, auditors from EY (Ernst & Young) certified Wirecard's annual accounts. They failed to uncover a network of fraudsters who, through accounting schemes, managed to enter billions into Wirecard's accounts over several years.

Hundreds of Wirecard employees lost their jobs and thousands of investors lost a total of 4.5 billion euros. Why did the auditors not recognize the fraud? Were they negligent, were they over-indebted?

The Big Four dominate the global audit industry and their vast knowledge of corporate and tax law makes them indispensable. With growth opportunities in auditing largely exhausted, the Big Four offer a multitude of advisory services, not only to the companies they audit, but also to governments. Have the Big Four become too powerful, or even out of control?

This documentary explores the role played by auditors in the Wirecard scandal, investigates potential conflicts of interest within the Big Four and highlights the role of companies within a complex web of political and economic dependencies.

#documentary #dwdocumentary
______

DW Documentary lets you go beyond the headlines. Watch the best documentaries from German broadcasters and international production companies. Meet fascinating people, travel to faraway countries, discover the complexities of everyday life and deepen your understanding of current events and world events. Subscribe and explore the world around you with DW Documentary.

Subscribe to:
⮞ DW Documentary (English): https://www.youtube.com/dwdocumentary
⮞ DW Documentary (Spanish): https://www.youtube.com/dwdocumental
⮞ Documentary DW وثائقية دي دبليو (Arabic): https://www.youtube.com/dwdocarabia
⮞ DW Doku (German): https://www.youtube.com/dwdoku
⮞ DW Documentary हिन्दी (Hindi): https://www.youtube.com/dwdochindi

For more information, visit: http://www.dw.com/en/tv/docfilm/s-3610
Follow DW Documentary on Instagram: https://www.instagram.com/dwdocumentary/
Follow DW Documental on Facebook: https://www.facebook.com/dwdocumental

We ask that viewers read and respect the DW netiquette policy on our channel: https://p.dw.com/p/MF1G

Please feel free to connect and share this video with your friends and family if you find it useful.