What are the wider supervisory implications of the Wirecard case?

White Paper No. 74

Jan Pieter Krahnen,
Katja Langenbucher,
Christian Leuz,
Loriana Pelizzon
Research Area:
Financial Markets
Nov 2020
Wirecard, Supervisory Achitecture, Auditing, Internal Controls, Market Oversight , Investor Protection, Market Integrity

The paper discusses the policy implications of the Wirecard scandal. The study finds that all lines of defense against corporate fraud, including internal control systems, external audits, the oversight bodies for financial reporting and auditing and the market supervisor, contributed to the scandal and are in need of reform. To ensure market integrity and investor protection in the future, the authors make eight suggestions for the market and institutional oversight architecture in Germany and in Europe.

Link to Publication

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