Audit of Financial Statements
Audit is a professional duty specifically assigned to Wirtschaftsprüfer. In particular, this includes the performance of the audit of the financial statements of business entities and issuance of an independent auditor’s report.
Statutory and Voluntary Audit
Statutory audits are required in relation to entities of various legal form, size and industries e.g., banks and insurance undertakings. In addition to statutory audits of annual financial statements the activities also include financial statement audits where the Wirtschaftsprüfer is engaged on a voluntary basis.
Reasonable Assurance Engagements Concerning the Reliability of Information
Reasonable assurance can be obtained as to the reliability and the propriety (compliance with legal and regulatory requirements) of the information an entity records in its bookkeeping, its annual or consolidated financial statements, and where applicable, its (group) management report. Auditors can report whether or not an entity has complied with German accounting laws and regulations.
Auditors Report and Long-Form Audit reports
The findings obtained in and audit of financial statements are summarized in the auditor’s report and explained in more detail in the long-form audit report.