For the company, the penalty of the auditor oversight is another damage to the image.
(Photo: dpa)
Dusseldorf There have never been such severe sanctions from the Apas auditor supervision as against EY. No auditor in Germany had to take it so hard. The two-year non-competition clause in the stock market segment is a blow to the company. It is also a clear signal to the industry, which now has to change.
Of course, the thousands of auditors in Germany should not be questioned in principle. You work under extreme time pressure every day, and for the most part there is nothing wrong with it.
But there is an increasing risk for both providers and individual auditors of being severely sanctioned in the event of proven misconduct.
>> Read also: EY is not allowed to take on new audit mandates at stock exchange groups for two years
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