Germany’s accounting watchdog is set to be stripped of its powers in the wake of the Wirecard scandal.
The government will end its contract with the Financial Reporting Enforcement Panel (FREP) as soon as Monday, according to reports.
The job of overseeing company accounts will be taken on by Bafin, Germany’s financial regulator.
“We have reached an agreement with the Finance Ministry to terminate the contract,” a Justice Ministry official told the Bild am Sonntag newspaper
Germany has been rocked by the collapse of payments company Wirecard, which filed