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Auditing Services in Munich

A Chore or an Opportunity?

One might be inclined to consider audits of the (individual and consolidated) annual financial statements annoying legal obligations. They cost money, tie up internal resources in the company and, in many cases, lead to long discussions on accounting issues. Although this perception is well justified per se, in our opinion audits of the (individual and consolidated) annual financial statements provide, above all, an independent view of your business, and allow supervising internal accounting procedures in your business, irrespective of the compliance with statutory provisions. This will help you get a feeling if one of the main pillars of your company, i. e. the accounting and reporting system, works properly.

The (individual or consolidated) annual financial statements present your business to the main stakeholders, e. g. banks and potential or already existing investors, which is why you should not make any compromise in terms of quality of your (individual or consolidated) annual financial statements. Audited individual or consolidated annual financial statements usually prevent you from possible discussions of the quality of the data in the (individual/consolidated) annual financial statements, for instance in the event of business transactions or discussions with banks. Our audit approach is largely predefined by statutory and professional regulations which means, in principle, that we conduct our audits just like any other audit firm.

What makes our audit approach different is the fact that the signing auditor is on site during the audit, thus allowing quick decision-making regarding the main issues. Furthermore, we are careful to ensure that the composition of our respective audit team which is responsible for a certain audit client does not change substantially. This will guarantee you that the audit team in charge of your company is mainly composed of the same experienced experts whose view and knowledge of your business is broad and deep, thus avoiding that you have to repeat explaining your main business processes to them each year.

Since we are an interdisciplinary firm, our audit staff also have extensive experience in other areas, e. g. tax advisory services. This enables us to give you useful advice on matters going beyond the audit, where appropriate, such as potential transfer pricing risks or options provided by tax legislation and company law. We inform you about these suggestions along with potentials for improvement identified by us, for example regarding your accounting procedures, within the scope of our management letter.

Fee

We calculate our fees on the basis of the hours presumably needed for the audit of the financial statements and the hourly rates applied by us for audit services. The calculation is done to the best of our knowledge and belief on the basis of the data made available to us. Our philosophy in calculating the fees is that we calculate an all-inclusive price so that you know the amount you have to expect.

Please note

Our long-standing experience in the field of auditing covers a wide variety of sectors.

Although we would, of course, like to offer all auditing services, yet there are certain fields and sectors of auditing which require specific know-how and a certain degree of specialisation. For this reason we deliberately refrained from including the following areas in our range of services:

Audits in accordance with the German Security Trading Act (WpHG), the German Banking Act (KWG) and the Act on the Supervision of Payment Services (ZAG)
Bank auditing
Insurance auditing
Audits in accordance with the Regulation on Investment Mediation (FinVermV) and the German Capital Investment Code (KAGB)

In case you need auditing services for these areas or sectors, please feel free to contact us nevertheless. It is understood that we will establish contacts with our colleagues specialised in these fields who have the relevant professional experience.