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Auditor, CPA, Graduate in Business Administration
Enforcement Consulting
A crucial factor in ensuring the capital markets' confidence in accounting is the enforcement procedure for already audited financial statements. In Germany, this has been carried out entirely by BaFin since 2022. Depending on the outcome of the procedure, companies face error notifications with corresponding negative external effects. We provide comprehensive support during pending enforcement procedures to avoid this and ensure an efficient process.
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Capital market-oriented companies go through the enforcement procedure by BaFin. BaFin selects the financial statements to be audited on a case-by-case basis and on a random sample basis. The audit usually covers the already audited and published consolidated financial statements according to IFRS. Due to the large number of complex and discretionary regulations, the potential for errors is comparatively high. Any errors identified are published on BaFin’s website and send a negative signal to the capital market.
The ultimate goal of an enforcement procedure is to avoid a finding of errors and to convince BaFin of the appropriateness of the accounting methods used. The key lies in a convincing presentation of one’s own arguments in the written responses to be drafted. Since enforcement procedures can prove to be lengthy and complex, efficient and targeted information provision and communication with the BaFin is another decisive success factor for a process that is as resource-efficient as possible.
We support you in enforcement proceedings with our expertise and many years of experience – preventively, during a BaFin audit or subsequently in the event of notices or error findings, depending on your needs.
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