Auditing

What was Wirecard's primary business before the scandal was revealed?

• a) Online banking

• b) Payment processing

• c) Cryptocurrency trading

• d) Social media

  In June 2020, how much money did Wirecard admit was missing from its accounts?

• a) €1.9 billion

• b) €3.2 billion

• c) €500 million

• d) €10 billion

    Which "Big Four" accounting firm was responsible for auditing Wirecard's financial statements?

• a) Deloitte

• b) PricewaterhouseCoopers (PwC)

• c) KPMG

• d) Ernst & Young (EY)

   What is the primary purpose of an external audit?

• a) To catch all instances of fraud

• b) To provide reasonable assurance that financial statements are free from material misstatement

• c) To manage the company's finances

• d) To advise on investment decisions

In September 2021, how much did EY agree to pay Wirecard's creditors in a settlement?

• a) €10 million

• b) €100 million

• c) €500 million

• d) €1 billion

How many years did Wirecard's fraudulent activities reportedly go on before being discovered?

• a) 1 year

• b) 3 years

• c) 5 years

• d) Over 10 years

   What is the name of Wirecard's former CEO who was arrested in connection with the scandal?

• a) Markus Braun

• b) Jan Marsalek

• c) James Freis

• d) Thomas Eichelmann

   What important lesson does the Wirecard scandal teach about auditing?

• a) Audits are unnecessary for tech companies

• b) Auditors should be more skeptical and thorough in their procedures

• c) Financial statements are always accurate

• d) Fraud is impossible to detect through auditing