Fiduciary Relationships

Edgar Löw () and Reinhard Heyd ()
Additional contact information
Edgar Löw: Frankfurt School of Finance & Management

Chapter Chapter 4 in The Audit Failures of the Wirecard Scandal, 2024, pp 61-78 from Springer

Abstract: Abstract The fraud at Wirecard took place in Asia through business activity with third-party acquirers (TPA). The scandal resulted in 1.9 billion Euro in payment funds not being available. They were allegedly held in escrow accounts. We will therefore first deal with types of fiduciary relationships and accounting consequences and then go into the necessary audit procedures. We show which audit procedures had to be carried out to ensure that the cash shown on the balance sheet actually existed. If the audit would have been provided properly, the fraud could have been discovered very quickly. We uncover the massive deficiencies in the audit procedures.

Keywords: Beneficial owner; Confirmation; Control; Fiduciary relationship; Settlor; Trust agreement; Trustee; Trustor (search for similar items in EconPapers)
Date: 2024
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-59854-8_4

Ordering information: This item can be ordered from
http://www.springer.com/9783031598548

DOI: 10.1007/978-3-031-59854-8_4

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().