Gunther Friedl is Professor of Business Administration at the Technical University of Munich (TUM), where he holds the Chair of Management Accounting and is Dean of the TUM School of Management. Previously, he was a professor at the University of Mainz, and he has taught abroad at Stanford University and the Warsaw School of Economics.
Professor Friedl is a renowned expert and an accomplished author in the fields of corporate governance and (financial) accounting. His work is often quoted in (international) media such as Handelsblatt and the Financial Times. In addition to his academic work, Professor Friedl sits on several committees and advisory boards, including the Advisory Committee of the German shareholder action group DSW. He is regularly asked to comment on topical issues in the news media, including the Wirecard scandal.
“Wirecard is undoubtedly one of the most spectacular insolvency cases in the post-war period. In addition to Wirecard’s business creditors, tens of thousands of investors were duped into believing that they were investing in the next big tech giant, losing billions of Euro’s in the process. The individual and societal impact, in no small part the thousands of private investors who have invested their savings, is devastating.
Although Wirecard is the ultimate perpetrator, I believe that this massive fraud would not have been possible if not for EY’s failure to properly audit the company’s accounts for years on end. If EY had carried out its duties in accordance with professional standards from the start, Wirecard’s fraudulent business would have been exposed long ago.
It is clear that EY is also to blame for the losses suffered, and I am keen to contribute to the foundation’s efforts to obtain meaningful compensation for Wirecard investors.”