About: http://data.cimple.eu/news-article/b0f16c6c84de29ee436fa55b0d7a3e96d1809cf70a660ce051a0df69

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About: http://data.cimple.eu/news-article/b0f16c6c84de29ee436fa55b0d7a3e96d1809cf70a660ce051a0df69 Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	The stunning collapse of the payments provider Wirecard has created a window of opportunity to push through quick reforms to beef up regulation of the sector, Germany's finance minister said on Thursday. Digital payments provider Wirecard crumbled into insolvency in June after the company was forced to admit a 1.9-billion-euro ($2.3 billion) hole in its balance sheet. The scandal described by Finance Minister Olaf Scholz as "unparalleled" has shocked Germany and sparked questions over oversight and audit of the sector. "Let me express a small hope," Scholz said at a conference in Frankfurt. "Everyone's discussing Wirecard. And that creates a window for reforms." Supervisory authorities should be equipped with "more stringent instruments" to oversee companies, he added. Scholz, who will lead his centre-left Social Democrats into elections next year, said potential reforms included the possibility of reducing the number of years that auditors can audit a company and better separation between auditing and consultancy. Auditing giant Ernst & Young has been dragged into the scandal after it signed off Wirecard's accounts for more than a decade. "If highly qualified auditors are not struck by such manipulation, even though the figures are entered into the financial report, that's really something to worry about," Scholz said. But the finance minister warned that action must be taken swiftly to bring about change. If interest in the issue waned, Scholz warned, "powerful lobby groups in the background will try to prevent new rules from being established". With questions mounting on how the government failed to prevent the country's biggest post-war financial sector, Scholz himself is under fire over the case. At a press conference last week, Chancellor Angela Merkel too had to defend promoting the company in China in 2019. German lawmakers are now eyeing a full parliamentary inquiry, which could prove particularly damaging for Scholz as his ministry supervises the financial regulator BaFin. edf/hmn/wdb
schema:headline	Wirecard's collapse lends impetus to reforms: German minister
schema:mentions	Johann Martin Augustin Scholz Left-wing politics Finance minister Frankfurt Olaf Scholz Audit Beef Angela Merkel Germany China The Stunning Federal Financial Supervisory Authority Ernst & Young European Development Fund Insolvency Balance sheet Wirecard
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-09-03 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	79 (xsd:integer)

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