Reliable financial information is essential for the proper functioning of capital markets. All market participants, in particular institutional or private investors, must be able to rely on correct and accurate information and have a right to satisfy themselves as to the integrity of all those who play an important role in these markets.
The highest standards of reliability and integrity must be expected of accountants who conduct annual audits or act as experts, assessing the accuracy and completeness of financial information.
The transparency report under Art. 55c of the Public Accountants Act (Wirtschaftsprüferordnung) is prescribed by European law. This provides capital market participants with an accurate profile of those who conduct independent assessments of financial statements of securities issuers. Auditors of companies whose transferable securities are allowed to be traded in a regulated market of any Member State of the European Community are obliged to publish their results.
The quality assurance system described in the transparency report applies not only to audits of listed companies, but to all audits of companies above a certain size (statutory audits). We therefore also use the report to make our understanding of performance and quality known to a wider range of stakeholders.
Transparency report 2016 – PKF Fasselt Schlage partnership mbB
Accounting, tax consulting and law firm, Berlin