November 20, 2019 / 7:44 AM / 18 days ago

Wirecard says 2017 audit of Singapore unit not concluded due to probe

FILE PHOTO: The headquarters of Wirecard AG is seen in Aschheim near Munich, Germany April 25, 2019. REUTERS/Michael Dalder/File Photo

FRANKFURT (Reuters) - German payments company Wirecard said restrictions imposed by authorities in Singapore resulted in the local auditor being unable to conclude its 2017 audit, sending the group’s shares 8.5% lower in pre-market trading.

“These restrictions were not relevant for the audit of the Consolidated Financial Statements in accordance with IFRS,” Wirecard said in a statement on Wednesday, adding that its 2017 and 2018 financial reports remained unaffected. 

On Tuesday evening, German business daily Handelsblatt reported that auditor EY refused to sign off on the Singapore audit of Wirecard for 2017, citing irregularities.

Earlier this month, Wirecard said it had widened the scope of a KPMG audit to draw a line under allegations that it manipulated its accounts.

Reporting by Arno Schuetze; Editing by Michelle Martin

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