Audit Failures of the Wirecard Scandal

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.

• 1. 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.