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Accountancy

Germany to overhaul accounting oversight amid Wirecard scandal

The justice ministry on 29 June also cancelled its contract with the country’s accounting watchdog, the Financial Reporting Enforcement Panel, effective Dec. 31, 2021

Germany is overhauling its framework for accounting oversight following a financial scandal at Wirecard AG and is cancelling the existing regulator’s contract after 2021.

The Federal Ministry of Justice and Consumer Protection is working on a new regulatory set up together with the Federal Ministry of Finance, a spokesman for the justice ministry said.

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