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Economic Sectors

Statutory audits

Significant statutory audits of banks, financial service providers and payment institutions also include the expanded audit of annual financial statements under Sec. 340k of the Commercial Code, in some cases audits under Sec. 36 of the Securities Trading Act, and securities account audits. Audits of consolidated financial statements of banking groups – often under IFRSs – are also among our core competences.

Audits of the annual finan­cial sta­te­ments of banks, finan­cial ser­vice pro­vi­ders and pay­ment insti­tu­ti­ons include audi­ting not just the finan­cial sta­te­ments under the Com­mer­cial Code and the mana­ge­ment report, but also the insti­tu­ti­ons’ orga­niza­tio­nal duties. That espe­cially extends to audi­ting and asses­sing the appro­pria­te­ness of the risk mana­ge­ment sys­tem. The empha­sis here is on the con­cept estab­lis­hed for risk-bea­ring capa­bi­lity, mana­ge­ment of risks con­s­i­de­red sig­ni­fi­cant, and a pro­cess-based audit with repor­ting to cli­ents, bea­ring in mind the addres­see’s need for infor­ma­tion.

Len­ding is gene­rally the core busi­ness of ban­king insti­tu­ti­ons, and a sig­ni­fi­cant part of audi­ting annual finan­cial sta­te­ments. We eva­luate whe­ther len­ding is orga­ni­zed in an orderly, risk-appro­priate way, and whe­ther the tools used to iden­tify, con­trol and moni­tor default risks are appro­priate. 

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