Bilanz-Kontrolleur): As of the reporting date ultimo December 2004, the financial statements of listed companies must be subjected to an audit by an external auditor in addition to the audit by a certified public accountant. In Germany, this enforcement procedure has two stages. At the first level is the German Financial Reporting Enforcement Panel (FREP) in Berlin, an association established under private law in consultation with the Federal Ministry of Justice by professional and interest groups. At the second level is the Federal Financial Supervisory Authority (BaFin) as a supervisory authority with sovereign powers. – See Audit Directive, Enforcement, Probator. – Cf. BaFin’s 2005 Annual Report, p. 178 ff. (there also more detailed information on companies subject to the new financial statement audit; organizational matters), BaFin’s 2009 Annual Report, p. 210 (overview of enforcement procedures since 2005; p. 209 in the left margin also country distribution).
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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