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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
LO5 keywords
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
LO3 keywords
3. Critically argue whether the external auditor (accountant) acted incompliance with relevant professional codes, laws, and regulations.
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