Ernst & Young, under fire for missing a suspected fraud that blew up German fintech company Wirecard AG, said auditors should play a bigger role in detecting such wrongdoing, challenging the accounting industry’s longstanding assertion that its job isn’t to seek out malpractice. “Whilst the primary responsibility for the prevention and detection of fraud is with the management and supervisory boards, audits should play more of a role in the future to detect material frauds,” Carmine Di Sibio, chairman and chief executive...

Source: Wall Street Journal September 15, 2020 11:07 UTC