Mandatory audit

(1) For the purpose of ascertaining the economic circumstances and the orderliness of the conduct of business, the facilities, the asset position and the conduct of business of the cooperative are to be audited at least every second business year. At cooperatives whose balance-sheet total exceeds EUR 2 million, the audit must take place in every business year.
(2) Within the framework of the audit under subsection (1), at cooperatives whose balance-sheet total exceeds EUR 1.5 million and whose revenue exceeds EUR 3 million, the annual financial statements, including the bookkeeping and the management report, are to be audited. Section 316(3), first and second sentences, section 317(1), second and third sentences, (2) of the Commercial Code apply correspondingly; Article 17 of Regulation (EU) No. 537/2014 does not apply. In the audit of large cooperatives within the meaning of section 58(2), section 317(5) and (6) of the Commercial Code applies correspondingly.
(3) For cooperatives that are undertakings of public interest within the meaning of section 316a, second sentence, no. 1 or 2 of the Commercial Code and have no supervisory board, section 324(1) and (2) of the Commercial Code applies correspondingly, with the proviso that at least one member must have expertise in the fields of accounting or auditing.
(4) In the audit of a cooperative that, as a domestic issuer (section 2(14) of the Securities Trading Act), issues securities (section 2(1) of the Securities Trading Act), but not exclusively debt instruments covered by section 327a, section 316(3), third sentence, section 317(3a), first sentence, section 320(1), third sentence and section 322(1), fourth sentence of the Commercial Code apply correspondingly.