German audit office to examine financial oversight and BaFin over Wirecard case

Germany’s federal audit office will look into the system of oversight and risk management in the Wirecard case and why financial watchdog BaFin appeared not to pick up on clues of alleged market manipulation, its president told a magazine.

“We’ll also examine how the German finance ministry and BaFin dealt with the allegations of incorrect balance sheets and with the reports from the auditors,” Kay Scheller, president of the federal audit office, said in an interview with Der Spiegel published on Thursday.

BaFin was not immediately available for comment.