KPMG Special Audit Report on Wirecard AG

Saturday, May 23rd, 2020

Wirecard AG expected KPMG International Cooperative would justify its operation through a special audit. However, the payment company didn’t get what it anticipated. To find more details about the special audit, as well as about the best merchant services in the UK, keep on reading this post.

KPMG’s Special Audit Report 

Wirecard AG is a German company providing payment-processing and financial services. KPMG is a global network of professional companies offering audit, tax and advisory services. KPMG carried out a special investigation on Germany-based payments company Wirecard and provided it on April 28, 2020.

The audit company carried out the examination taking into account the financial statements available for the years 2016, 2017, and 2018. To examination included over 200 million data records.

What Wirecard Report Shows

According to the report by KPMG, the payment company’s senior managers avoided taking minutes during executive board meetings. Also, they avoided signing a declaration of completeness.

More particularly, the report includes:

• No proof concerning accounting manipulation, however, there were some doubtful points
• Cash reserves have been calculated
• There’s evidence how the company booked the revenue generated in partnership with other 3^rd-party companies
• Procedures of how the company organised the process of knowing its customers
• The company’s risk management

And more.

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So, Wirecard AG expected KPMG would provide vindication of its operation. However, the payment company’s expectations weren’t met. KPMG’s special audit report revealed more than one issue with the payment company. If you need a reliable and unbiased review of merchant-services providers in the UK, work with a respectable comparison expert in the country.