In its decision of 31 March 2023, the panel concluded that there were breaches of professional duties regarding the 2016-2018 audits of Wirecard AG and Wirecard Bank AG. It took action against the audit firm in question itself as well as five auditors. In the cases of another seven auditors, the disciplinary procedure was terminated by law due to the auditors in question turning in their licenses.

In its investigations, the AOB focussed on the audit work papers, communication of persons involved, accounts of witness, information of third parties and statements of those concerned by the investigation.

The decision making procedure of the Panel which consists of three auditors and two persons who possess qualifications required to hold judicial office went into its final phase in October 2022 after which full-day sessions were held over the course of several weeks where the subject matter was analysed thoroughly and discussed intensively. All relevant circumstances factored into the decision as is required by law. The individual sanctions include fines in the range from 23,000 to 300,000 € against the individual auditors as well as 500,000 € against the audit firm. In addition, the audit firm will be banned from performing audits of PIE entities (limited to newly contracted audits) for a period of two years.

The decision is subject to appeal in which case it will be presented to a Joint Panel consisting of three members of the AOB leadership and two representatives of the decision making panels. The Joint Panel’s decision, in turn, is subject to appeal at the Regional Court in Berlin (Landgericht Berlin), then at the Superior Court of Justice (Kammergericht) and, in case of revision, the Federal Court of Justice (BGH).

The relevant actions took place before the Financial Market Integrity Strengthening Act (FISG) came into force. The AOB is not legally permitted to disclose the names of the persons subject to disciplinary action.

It is the most extensive disciplinary procedure conducted by the AOB to date, which at first included twelve auditors and the audit firm involved in the 2016-2019 audits of Wirecard AG and Wirecard Bank AG. Since it is a formal legal procedure directed at investigating and potentially sanctioning members of the profession, those who were subject to it had comprehensive legal rights including access to records, the right to be heard as well as legal representation.

The decision of the AOB does not legally preclude the decisions in other legal procedures, such as those taken by civil courts, or criminal charges.