The ministries of finance and justice have drafted a bill establishing an independent audit office for the examination of the accounts of companies with stock exchange quotes.
The ministries of finance and justice have drafted a bill establishing an independent audit office for the examination of the accounts of companies with stock exchange quotes. Examination is both on suspicion of irregularity and by way of random test check. Examinations are to be independent of the regular audit of a company and cannot be taken in satisfaction of the company's audit obligation. The Audit Office is not to be invested with direct powers of enforcement; the hope is that companies will cooperate with the Office and voluntarily accept its remedial suggestions. If, however, the Office meets with a refusal to cooperate or comply, it should inform the Federal Financial Supervisory Authority (Bafin) rather than impose its own sanctions. The Authority will then undertake its own investigation and on the
