The Certified Balance Sheet — Oversized Drop-Shoulder T-Shirt

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TEE-ECO-CD-MAR-01-M-BK T-Shirt

Piece

The Certified Balance Sheet Oversized Drop-Shoulder T-Shirt

$ 2,345.00

Description

On 18 June 2020 Wirecard admitted that one thousand nine hundred million euros its auditor had certified for years did not exist; Marsalek disappeared that week and is still wanted. The print is the exit he left by.

A Author

Jan Marsalek

B Subject

Fraud

C Aesthetic

Diagram · Typographic

Exploration

One thousand nine hundred million euros were missing. They were nowhere: they had not been lost on a bad investment or spent, they simply did not exist and had for years appeared on the balance sheet as cash held in trustee accounts in Asia.

An auditor from the big four signed those accounts for more than a decade without ever asking the depositary bank for direct confirmation, which is the most elementary procedure there is for verifying that a balance is where it says it is.

A Financial Times journalist had been publishing it for years. The German regulator responded by opening an investigation into the journalist and banning short positions on the company.

Marsalek disappeared the same week as the admission and is still wanted, with indications that he had worked for intelligence services.

Certification does not check: it attests that somebody signed.

Details