The head of Germany’s new financial reporting watchdog has lashed out at the country’s auditors, accusing them of being “too close” to clients and calling for more “professional scepticism” in the wake of Wirecard’s collapse.
In his first interview as BaFin’s head of accounting regulation, Thorsten Pötzsch took aim at “audit teams who are left unchanged for years” and audit firms “who do not rotate” as the regulator tries to rebuild Germany’s battered reputation after repeated financial scandals.
“Auditors are required to exert professional scepticism. This . . . needs to be emphasised more than it was in the past,” Pötzsch, chief executive director of securities supervision, told the Financial Times.
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