Quality control for auditing associations

(1) The auditing associations are obliged to undergo a quality control at intervals of six years each, in accordance with sections 63f and 63g. Where an auditing association also audits a cooperative, a company named in Article 25(1), first sentence, no. 1 of the Introductory Act to the Commercial Code, or an undertaking named in Article 25(1), first sentence, no. 2 of the Introductory Act to the Commercial Code, that are undertakings of public interest within the meaning of section 316a, second sentence, no. 1 or 2 of the Commercial Code, the interval is reduced to three years. An auditing association that carries out no statutory audit is not obliged to undergo a quality control.
(2) The quality control serves the supervision of whether the principles and measures for quality assurance are complied with, in accordance with the statutory provisions, overall and in the conduct of individual engagements. It extends to the audits under section 53(1) and (2) at the cooperatives named in section 53(2), first sentence, and the audits at the companies and undertakings named in Article 25(1), first sentence of the Introductory Act to the Commercial Code that are not small corporations within the meaning of section 267(1) of the Commercial Code.
(3) The auditing association must notify the competent supervisory authority of the carrying out of a quality control.
(4) An auditing association that carries out a statutory audit for the first time must undergo a quality control at the latest three years after its commencement.