faz.net
Allianz Appoints EY as Auditor Despite Wirecard Scandal
The Allianz supervisory board will propose EY as its new auditor starting in 2027, marking EY's return to the financial sector after its involvement in the Wirecard scandal.
- What factors contributed to EY's selection despite its controversial past?
- EY's ban from the APAS will end in March 2026, making them eligible to apply for new mandates. The Allianz supervisory board likely considered this, along with EY's potential qualifications, in making their decision. The choice also reflects the limited pool of available large auditing firms.
- What are the potential long-term implications of this decision for EY and the auditing industry?
- This appointment could represent a turning point for EY's rehabilitation, restoring some trust and potentially attracting future clients. However, it could also raise concerns about the effectiveness of auditing regulations and oversight if similar scandals recur in the future.
- What is the significance of Allianz appointing EY as its new auditor given EY's past involvement in the Wirecard scandal?
- This appointment signals EY's comeback to the financial auditing sector after a period of sanctions and reputational damage following its failure to detect Wirecard's accounting irregularities. The decision by Allianz, a major player, could influence other companies' decisions regarding EY's services.
Cognitive Concepts
Framing Bias
The article presents EY's potential return to the financial sector after the Wirecard scandal as a significant event, emphasizing the comeback narrative. The headline highlights Allianz's decision to appoint EY, framing it as a noteworthy development. The article's structure prioritizes this story, placing it at the beginning. While mentioning the Wirecard scandal and EY's past failures, the article does not delve extensively into the details of these events or their broader implications, potentially downplaying their severity. This framing might lead readers to focus primarily on EY's potential resurgence rather than a thorough evaluation of the risks involved.
Language Bias
The language used is largely neutral, but phrases like "return to the financial branch" and "after the gang through a deep valley" (describing EY's situation) carry positive connotations. Describing the Wirecard scandal's consequences as EY having "not recognized" the Scheinumsätze (fictitious transactions) presents a milder description than, for example, describing them as failing to detect fraudulent activity. The article also presents the end of the EY ban as an event that allows for the application to Allianz. While factually correct, this presentation might be perceived as downplaying the seriousness of the sanctions.
Bias by Omission
The article omits crucial context regarding the scale and impact of the Wirecard scandal and its consequences for investors and the financial system. Further details regarding the legal implications and ongoing investigations related to EY's role in the Wirecard case are lacking. While acknowledging Scholz's role in EY's loss of the KfW mandate, the article does not elaborate on the reasoning behind the decision or provide alternative perspectives. The article focuses on the corporate events, omitting any discussion of the potential impact of EY's reappointment on public trust or regulatory oversight.
False Dichotomy
The article presents a somewhat simplified narrative by focusing on EY's comeback without sufficiently exploring the complex ethical and professional implications of reappointing a firm with a history of major auditing failures. It doesn't extensively discuss alternative options or the potential risks associated with EY's appointment. The presentation lacks a balanced view, presenting the situation as a simple story of comeback rather than highlighting complex concerns.
Sustainable Development Goals
The article discusses the consequences of EY's past auditing failures (Wirecard scandal) and its implications for future auditing practices. While not directly about sustainable consumption and production, the emphasis on improved auditing standards indirectly contributes to more responsible business practices and better resource allocation, which are essential for SDG 12. Holding auditors accountable for their actions encourages more responsible corporate behavior and reduces the risk of future financial scandals that can negatively impact sustainable development.