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Mandatory and optional audits of consolidated and standalone financial statements

Under the provisions of § 316 Par. 1 of the German Commercial Code (HGB), mid-sized and large corporations are required to have their annual financial statements and management reports certified by an auditor. These obligations also apply to some partnerships (§ 264a Par. 1 HGB).  Other auditing requirements apply to companies in certain sectors (e.g. credit and financial services institutes) or under other laws. In general, businesses classified as "small" or "very small" within the meaning of § 267 Par. 1 HGB and § 267a Par. 1 HGB, respectively, are not subject to auditing obligations. However, certain legal standards and/or circumstances may make it necessary for such companies to conduct a voluntary audit equivalent to a statutory year-end audit, for example when ordered by creditors or a parent company.

$ 290 HGB defines when companies are required to prepare consolidated financial statements. In this case, too, the law (§ 316 Par. 2 HGB) states that the consolidated financial statements and the consolidated management report must be audited unless an exemption applies (e.g. under § 293 HGB).

Where we excel – how you benefit

Through our function as an officially authorised auditing firm, we have extensive experience in auditing standalone and consolidated financial statements. We support companies of all sizes and every legal form, and see ourselves as partners in every aspect of their business, including but certainly not limited to accounting and financial reporting issues. Our wealth of experience and professional expertise are reflected in our auditing approach, which is tailored to our clients' needs.

Our focus when fulfilling a mandate is not limited to questions of compliance with legal standards or the comments and interpretations of the regulatory authorities and the auditing profession. It extends to the company or corporate group, too, with its various actors and individual concerns.