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Wirecard Woes Mount for Ernst & Young as Clients Cut Auditor

  • German bank KfW’s contract with EY said to be up for review
  • Commerzbank, DWS abandoned EY as auditor in early September
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KfW, Germany’s third-largest bank by assets, may drop Ernst & Young as auditor as EY continues to be plagued by its role in the country’s Wirecard accounting scandal.

The German government is taking a close look at the auditing of state-run KfW, and is considering dropping EY, according to two people familiar with the discussions. No decision has been made, and the tender remains open, the people said.