CAPITAL MARKET ORIENTED COMPANIES
The activity on the capital market leads to increased requirements for both companies and auditors. Our many years of experience as auditors of listed companies make us a reliable and competent partner for your company.
Confidence in the financial reporting of capital market-oriented companies is of substantial importance not only for investors, but for all stakeholders. In order to strengthen confidence in financial reporting, the European Union launched the so-called "EU Audit Reform" through EU Regulation 537/2014, which defines specific requirements for the audit of financial statements of public interest entities ("PIEs"). "PIEs" include companies whose transferable securities (shares and bonds) are admitted to trading on a regulated market within the EU or EEA, as well as banks and insurance companies.
Increased regulatory requirements for the auditor
Since 2016, auditors of "PIEs" have been subject to a minimum three-year cycle of quality controls in the form of inspections carried out in Austria by the Austrian Audit Oversight Authority ("APAB"). Since then, the audit market has been divided into two parts - namely auditors who meet the increased quality requirements controlled by the authority and consequently audit "PIEs" and those who do not.
CENTURION has established an adequate and effective quality assurance system, last inspected by the APAB in 2021, in accordance with the requirements of the International Standards on Quality Control of the IAASB as well as nationally applicable standards. Through our team structure and proactive task planning, we ensure that the engagement partner is sufficiently involved in the audit and that regular coordination takes place with the audit team and, in particular, with the on-site audit manager. With audits of capital market-oriented companies, quality assurance accompanying the assignment is also carried out by a CENTURION partner, thus increasing your confidence in our activities.
Challenge Change of auditor
The EU Audit Reform created rules that affect auditors and companies at the same time. In addition to the restriction of defined non-audit services, an external rotation obligation was introduced, which are increasingly "impacting".
Initial audit engagements are a particular challenge for both companies and auditors. In recent years, CENTURION has been able to convince a large number of PIE mandates of the quality of its services and has therefore been able to draw on a great deal of experience in rotation-related changes.
The following is an overview of our expertise in the area of capital market-oriented companies:
- Statutory audit of annual financial statements according to the Austrian Commercial Code (UGB)
- Statutory audit of group financial statements according to IFRS
- Audit or auditor's reviewsof quarterly or half-yearly financial statements
- Implementation of special audits under company law or corporate law
- Assurance and advisory services in connection with capital market transactions