In today’s FAZ newspaper, two interesting articles are placed right next to each other on page 18: “Wirecard creditors among themselves” and “We will not see a major wave of insolvency – PWC’s consulting business picks up speed again”.
Not so long ago, auditors were prohibited from offering consulting services: for understandable and valid reasons. Are the insolvency of Arthur Andersen and their causes already forgotten? The Federal Government is right to call once again for a clear separation.
After all, auditors are officially commissioned and, even if they are appointed by their clients, obliged to give an independent, objective judgment on the credibility of an annual financial statement. Why should those who failed during the Wirecard audit simply be allowed to proceed as before?
According to the FAZ, PWC cannot understand this. And how should they? For many years, we have seen a basic consultation principle confirmed again and again: if you want to drain a swamp, you must not ask the frogs whether they like it.
Every company should pay close attention to how external services are being combined. Compliance first!
Dr.-Ing Ralf Feierabend
Managing Partner at ConMoto