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Assignment Task:

TASK:

Wirecard AG, a German payments processor, was once the darling among analysts and investors for its growth story. It went from a minor player to one of Germany's biggest companies in just over a decade. Wirecard has long been the subject of criticism amidst repeated allegations from whistleblowers, journalists, and speculators that its revenue and profits had been pump d up through fake transactions with obscure partners. In mid-June 2020, afterscrapping its financial results for the fourth time and saying that €1.9 billion (about $2 billion) that went missing from its balance sheet probably did not actually exist, Wirecard came under intense scrutiny, leading to the resignation and eventual arrest of its CEO (Business Insider France, June 2020).

Students should write a paper in which they critically review the Wirecardcase from a governance and ethics point of view.
The purpose of the final assignment is to apply the concepts and techniques learned throughout the Corporate Governance and Ethics module and critically engage with the related materials and literature in the field. Students should be able to discuss and explain the fundamental theories/views of governance and ethical theories relating to business, apply them to the financial scandal, and use relevant background research, supported by examples, citation, and a bibliography in Harvard format.

1. Critically evaluate in approximately 500 words the nature of the Wirecard accounting scandal. (25 marks) (LO4,5)
** keywords to be use in Q1 if applicable ***
LO4 keywords

  • Regulation
  • Regulatory agency
  • The professional
  • Fraud
  • Ponzi Scheme
  • Conflict of interest
  • Whistleblowing
  • Tort
  • Soft law and the UN Guiding Principles
  • Corporate liability
  • Code of Ethics/Code of Conduct

LO5 keywords

  • Corporate social responsibility
  • Sustainable development
  • Corporate accountability
  • Corporate sustainability
  • Institutional Investor
  • Responsible investment
  • Risk intelligence
  • Corporate Governance 2.0
  • Stakeholder engagement
  • Strategic management
  • Sustainable business development
  • Globalisation
  • Diversity and discrimination
  • Human rights abuse

2. Critically analyse the role of the different stakeholders (board/audit committee, CEO/CFO, internal audit department, external auditor, etc.) in the Wirecard scandal. (25 marks) (LO1,2,3)
** keywords to be use in Q2 if applicable ***
LO1 keywords
Corporation
Shareholders

  • Corporate Officers and Employees
  • Stakeholders
  • Governance
  • Corporate Governance
  • Rights and equitable treatment of shareholders
  • Board of Directors
  • Integrity and ethical behaviour
  • Disclosure and transparency
  • Corporate Responsibility
  • LO2 keywords
  • Risk Management
  • Internal Control
  • Compliance
  • Accountability
  • Risk Mitigation
  • Enterprise Risk Management
  • Internal Audit
  • Social Auditing
  • CFO
  • Corporate reporting, financial reporting, and CSR reporting Finance and ethic

LO3 keywords

  • Ethics
  • Ethical framework
  • Normative ethics
  • Virtue Ethics
  • Business Ethics
  • Utilitarianism
  • Deontology
  • Care ethics
  • Approaches to ethical decision-making
  • Business Ethics
  • Fiduciary responsibility
  • Shareholder Primacy v. Stakeholder Interests
  • Market failures approach
  • Corporate social responsibility
  • Ethical dilemma
  • Ethical leadership

3. Critically argue whether the external auditor (accountant) acted incompliance with relevant professional codes, laws, and regulations.
 

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