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Audit and Accounting

Annual Audits

We perform efficient and on-time mandatory and voluntary annual audits (on individual and consolidated financial statements) based on generally accepted audit standards and using IT-audit tools. Our audit expertise covers financial statements prepared in compliance with the German Commercial Code (HGB), International Financial Reporting Standards (IFRS) and US GAAP (sec. 292a, par. 2 German Commercial Code, HGB). Furthermore, we conduct limited reviews and handle reporting for German affiliates of foreign parents.

Our audit firm, EGSZ Treuhand GmbH, is registered as statutory auditor in the Chamber of Public Accountants (“WPK”) according to Sec. 38 No. 2f German Auditor´s Regulations (“WPO”). With the entry into force of the statutory audit legislation (Abschlussprüferaufsichtsreformgesetz – “APAReG”) on June 17, 2016 this registration in the Chamber of Public Accountants replaces the previous certificate of attendance of the External Quality Assurance System.

Special Audits / Fraud Audits

In addition, our audit activities range from audits under commercial and stock corporation laws to special audits mainly comprising:

  • Incorporation and reorganisation audits (sec. 33, 52 German Stock Corporation Act)
  • Controlled company audits (sec. 311 et seq. German Stock Corporation Act)
  • Special underpricing audits(sec. 258 German Stock Corporation Act)
  • Special audits according to sec. 142 et seq. German Stock Corporation Act
  • Fraud audits, data analysis
  • Audits according to sec. 16 German Broker and Building Contractors Regulation
  • Auditing in compliance with to sec. 53 HGrG
  • Audits for compliance with the German Dual System of waste management

Preparation of Annual Financial Statements

Based on the accounts kept by our clients or maintained by EGSZ financial accounting, we derive annual financial statements in compliance with German commercial law. We take into account IFRS or US-GAAP reconciliation as well as deviations between commercial and tax balance sheets. We advise our clients on how to make best use of accounting options with regard to their specific focus (e.g. tax optimization, external presentation, distribution policy).

Financial and Payroll Accounting

We offer financial accounting services if it proves inefficient for our clients to keep their own bookkeeping. In addition to a full outsourcing solution, our clients may opt to a shared financial accounting, i.e. parts of bookkeeping remain within their responsibility (incoming invoices, outgoing invoices, cash journal, bank accounting). Using software provided by us, collected data can be transferred to us to be reviewed and subsequently processed. Apart from fulfilling record keeping and declaration requirements under fiscal and commercial law (monthly/quarterly VAT returns, European sales and Intrastat reports), we ensure up-to-date information flows by way of appropriate evaluations (summary list of account balances, standard and customized operating reports).

On request, we supplement our clients' financial accounting with customized cost and activity accounting.

Within the scope of payroll accounting we offer employee-oriented payroll accounting and ensure that reporting requirements with regard to tax and social security are met. In addition, our service comprises automatic payment transactions via data exchange.

Of course, individual arrangements in the field of payroll accounting such as net wage agreements, severance payments or special provisions of collective-bargaining agreements are also taken into account.

Moreover, we are prepared to assist our clients in setting up employee profit-sharing models, incentive rules, post-employment benefit plans and in taking instruments to reduce labor costs and incidental wage costs.

Controlling

We support our clients in establishing efficient reporting systems. After having analyzed operating processes and having identified data decisive for management decisions, we draw up a management information system (MIS) matching our clients' specific requirements. Our service offer does not only comprise the implementation of financial and cost accounting, but also includes the development of individual statistical and business reports for management control and the launch of internal controlling systems.

Financing and Investment Planning

Financing and investment decisions made under constantly changing economic and legal conditions have significant influence on a company's success. We assist our clients in making decisions by developing and evaluating possible alternatives under different scenarios.

As part of the process, the results of forecasts are tested in a sensitivity analysis for their variability under changing future conditions.