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Wirecard taps KPMG to conduct review amid FT reports on accounting practices

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Wirecard taps KPMG to conduct review amid FT reports on accounting practices

Wirecard AG commissioned an additional independent audit of its records in response to reports by the Financial Times alleging accounting irregularities at the German payments company.

The company tapped KPMG to immediately begin the review, giving the accounting firm unrestricted access to all group-level data. Wirecard said Oct. 21 that it will present the results of the audit in due course.

Wulf Matthias, Wirecard's chairman, had previously refuted calls for an independent review despite its share price taking a hit after the FT published Oct. 15 documents that appeared to show a concerted effort to inflate sales and profit figures, which Wirecard categorically denied.

The development follows a series of reports published by the FT focusing on claims that Wirecard has had accounting lapses, which triggered several sharp drops in the company's shares.

Amid the allegations, Wirecard raised its guidance for 2025, projecting its group revenues will reach more than €12 billion, up from its previous guidance of more than €10 billion.