Recently, the Irish Auditing & Accounting Supervisory Authority (IAASA) imposed fines totaling €30,000 on Tony Kelly and Alison Gray. Both auditors were responsible for auditing the accounts of Wirecard UK & Ireland Limited, a subsidiary of the German payments processor. Mr. Kelly received a severe reprimand and a fine of €19,500 for the two years of auditing, while Ms. Gray received a severe reprimand and a fine of €10,500 for a single year of auditing. IAASA found several areas of non-compliance with international auditing standards, and both accountants reached settlement agreements with IAASA. This is the first time that IAASA has sanctioned individuals using this power. The punishment was imposed because the matter was of significant public interest. Wirecard filed for insolvency in June 2020 after disclosing a €1.9bn hole in its accounts that EY said was the result of a sophisticated global fraud. Wirecard executives went on trial recently, and former chief executive Markus Braun and two other high-ranking managers of the defunct blue-chip company face a number of charges, including fraud and market manipulation, and could be jailed for up to 15 years if convicted.