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Oct. 21, 2019, 2:12 a.m. EDT

Wirecard commissions independent audit

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By Pietro Lombardi


AFP/Getty Images
Picture taken on September 18, 2018 shows the digital credit card on a mobile phone being demonstrated in the headquarters of the technology and financial services company Wirecard in Aschheim near Munich, southern Germany.

Wirecard AG has commissioned an independent audit following the latest Financial Times article raising questions about the payment company’s accounting practices.

The German company /zigman2/quotes/201427212/delayed DE:WDI +0.04%  said Monday that the audit will be carried out by KPMG and will start immediately in order to “clarify fully and independently all accusations” raised by the FT.

“KPMG will receive unrestricted access to all information on all levels of the group,” it said.

Earlier in October, the British newspaper reported that some internal documents appear to point to “a concerted effort” to inflate profit and revenue at the company’s businesses in Dubai in the United Arab Emirates and in Ireland.

The company responded that it “categorically” rejected the allegations.

The results of the audit will be published.

Chief Executive Markus Braun said he believes the audit will strengthen confidence in the company.

/zigman2/quotes/201427212/delayed
DE : Germany: Frankfurt
117.35
+0.05 +0.04%
Volume: 11,492
Nov. 22, 2019 8:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€430,030
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