Wirecard Scandal Will Drive Supervision Overhaul

The European Commission’s EVP for Economic Policy, Valdis Dombrovskis, said the Wirecard scandal has helped to galvanize the effort to improve oversight against fraud; “We are looking at how we can strengthen the system to avoid that kind of situation happening again,” he said to the FT. “It’s clear we are dealing with a case where investors were not given the truthful information about the state of play of the company.”; regulators are also looking at ways to strengthen audit committees to ensure they perform the proper due diligence;“Wirecard’s failure potentially raises issues at all three levels of defence and this is why we are now looking at those issues comprehensively to draw all lessons that need to be launched and take necessary actions,” Mr Dombrovskis said to the FT. Financial Times.