Yesterday we learned that officials in the German government were a little surprised that a 55 billion euro accounting error wasn’t discovered by a “certified audit.” They’ve been quite the laughingstock in the German press, so they done their damnedest to find someone to throw under der bus. Well, today German finance minister Wolfgang Schaeuble basically put everyone at ease – there’s no one to blame!
The Finance Ministry knew “with certainty” on Oct. 13 that an accounting error had occurred after receiving notifications on Oct. 4, Schaeuble said at a press conference in Berlin today, adding the error is “annoying” because its magnitude can unsettle the public. “Here raves the lake and wants to have its victim,” Schaeuble said, citing from Friedrich Schiller’s drama William Tell. “That’s not my understanding” of how the biggest accounting error in Germany’s post-World War II history should be sanctioned, he said.
So rest easy, PwC. You’re off the hook for this one.
Schaeuble Says 55.5 Billion Euro Accounting Error Was a Glitch [Bloomberg]