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...As such, accounts receivable and accounts payable will simply reverse in the current quarter and cash flow will even out in the current year....
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...In the same year, Wirecard’s purported trustee in Singapore, who was allegedly in charge of the escrow accounts, accidentally disclosed to the auditor that he did not hold any money on the German company...
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...But, as with all things in financial services, the hand that giveth is the hand that takes away....
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...Examiners found flaws in 21 of the 21 audits they sampled, including failures to properly check accounts and to test accounting policies....
...He adds that there were occasions when in-house lawyers at the Post Office should have sought to “blow the whistle” once it became obvious that errors in the Horizon system could account for shortfalls....
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