IGTA Journal - Summer 2020

Luxemburg, Article: Do auditors have forgotten that cash was king? The Wirecard scandal raises questions about quality of audit processes and accuracy of controls By Francois Masquelier, Chairman of ATEL, the Luxemburg IGTA Member Association, and Deputy Chairman of EACT, European Association of Corporate Treasurers, from Simply TREASURY – Luxembourg, August 2020 With the famous scandal around WIRECARD, it is like with crises (in general), they are wake-up calls and they push to more virtuous management. Auditors seem to keep falling into similar traps. We can only be surprised by such an absence of basic controls on liquidities available on bank accounts. It looks like the audit treatments and tolerances can vary from customer to customer and from auditor to auditor. Who should question quality of audit processes and accuracy of controls? IGTA eJournal | Summer 2020 | 27