Summary
Summary seminar IRE
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Summary of slides and notes from the guest lecture by IBR (November 16, 2022)
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AUDIT – THE PROFESSION –IBR/IRE
WHAT IS A REGISTERED AUDITOR?
Assignments for an auditor
Statutory audit (daily work)
Legal assignments: assignments given by the law, give all the shareholders the right information
Contractual assignments
Works council: smallest part, but important; informing shareholders about the figures, obligated when
> 100 VTE’s
Statutory auditor: objective
Financial statements
Goal: reasonable assurance materiality
Stakeholders
Mandatory appointment of statutory auditor when exceed 2 of 3 criteria
Balance sheet total > 4 500 000 EUR
Turnover > 9 000 000 EUR
50 employees
Legal assignments
See information given by board of directors, that these are reliable
Shareholders want to make decisions based on correct information
Be critical to the information you receive
Contribution in kind
Change of legal form
Liquidity test
Dissolution
Mergers and divisions
Issuance of shares
Contractual assignments
Due diligence investigation (analysis of financial information – acquisitions / investments)
o Often for mergers
Restructuring
Forensic expert appraisal
ESG reporting (Environment – Social – Governance)
o Quite recently, a lot of greenwashing today
Assessment of internal control and administrative organization
Contract for the performance of agreed upon procedures
Stakeholders
Audit clients Shareholders
Banks Financial analysts
Suppliers …
Investors
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