Wirecard's existing auditors, EY, were taking extra stepsto check that 1.9 billion of...
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Wirecard's existing auditors, EY, were taking extra steps
to check that 1.9 billion of cash, which Wirecard claimed, actually existed. Wirecard essentially said that 1.9 billion euros was sitting
in two Philippine banks. On this occasion,
the auditors wanted real proof that Wirecard had access
to the money it claimed, which, of course, Wirecard couldn't do
because the money didn't exist. So everybody wanted to know,
would EY find out the truth?
to check that 1.9 billion of cash, which Wirecard claimed, actually existed. Wirecard essentially said that 1.9 billion euros was sitting
in two Philippine banks. On this occasion,
the auditors wanted real proof that Wirecard had access
to the money it claimed, which, of course, Wirecard couldn't do
because the money didn't exist. So everybody wanted to know,
would EY find out the truth?
Full Transcript
00:00:01.000 --> 00:00:04.008
Wirecard's existing auditors, EY,
00:00:04.016 --> 00:00:09.024
were taking extra steps
to check that 1.9 billion of cash,
00:00:09.032 --> 00:00:13.032
which Wirecard claimed, actually existed.
00:00:14.999 --> 00:00:15.088
Wirecard essentially said
00:00:15.096 --> 00:00:21.048
that 1.9 billion euros was sitting
in two Philippine banks.
00:00:22.998 --> 00:00:25.016
On this occasion,
the auditors wanted real proof
00:00:25.024 --> 00:00:29.056
that Wirecard had access
to the money it claimed,
00:00:29.064 --> 00:00:33.056
which, of course, Wirecard couldn't do
because the money didn't exist.
00:00:34.016 --> 00:00:39.999
So everybody wanted to know,
would EY find out the truth?
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Movie Summary
Upstart payment firm Wirecard wowed the financial industry with its runaway success — until a tenacious team of journalists exposed massive fraud.
