(1) Independently of their size, credit institutions are to have their annual financial statements and management report as well as their consolidated financial statements and consolidated management report audited, notwithstanding the provisions set out in sections 28 and 29 of the Banking Act, according to the provisions of Subdivision 3 of Division 2 pertaining to the audit; section 319 (1) sentence 2 does not apply. The audit is to be performed no later than the expiry of the fifth month of the financial year following the balance sheet date. The annual financial statements are to be adopted without undue delay following the audit. The provisions of Subdivision 3 of Division 2 apply to credit institutions that are public-interest entities as defined in section 316a sentence 2 no. 1 or 2 only insofar as Regulation (EU) No 537/2014 does not apply.
(2) Where the credit institution is a cooperative or a profit-making association having legal capacity, the audit is to be performed, in derogation from section 319 (1) sentence 1, by that audit association of which the credit institution is a member, provided that more than half of the managing members of said audit association’s board of management are auditors. Where the audit association has only two members sitting on the board of management, one of them must be an auditor. Section 319 (2) and (3) is to be applied accordingly to the legal representatives of the audit association and to all persons employed by the audit association who have the ability to influence the result of the audit; section 319 (3) sentence 1 number 2 is not to be applied to members of the supervisory body of the audit association provided it is assured that the statutory auditor can perform the audit independently of any instructions issued by the supervisory body. Section 319 (1) sentences 3 and 4 applies accordingly with the proviso that the audit association must have available an excerpt relating to the statutory auditor’s registration pursuant to section 40a of the Act on the Profession of Auditors; where it performs the audit pursuant to subsection (1) sentence 1 for the first time, it will have such excerpt available no later than six weeks after the audit has commenced. Where the parent enterprise is a cooperative, the audit association of which the cooperative is a member also will be the statutory auditor, subject to the pre-requisites set out in sentences 1 to 4, of the consolidated financial statements and of the consolidated management report.
(2a) Where the audit of the annual financial statements of the credit institutions designated in subsection (2) is performed by an audit association, the audit report required by law may be signed only by auditors. The auditors active in the audit association are to perform their audit activity independently, with due diligence and on their own responsibility; they are to maintain confidentiality. In particular where they issue auditor’s additional reports, they are to conduct themselves impartially. Persons who are not auditors are not permitted to issue instructions to them regarding their audit activity. The number of the auditor’s active in the association must be such that the auditors signing the audit report are able to perform the audit responsibly.
(3) Where the credit institution is a savings bank, the audits stipulated by subsection (1) may be performed, in derogation from section 319 (1) sentence 1, by the audit office of a savings bank association. However, the audit may be performed by the audit office only if the head of the audit office fulfils the pre-requisites of section 319 (1) sentences 1 and 2; section 319 (2), (3) and (5), as well as Article 5 paragraphs (1), (4) subparagraph 1 and (5) of Regulation (EU) No 537/2014 is to be applied accordingly to all persons employed by the savings bank association who have the ability to influence the result of the audit. Article 5 of Regulation (EU) No 537/2014 does not apply to the audit offices. Moreover, it must be ensured that the statutory auditor is able to perform the audit independently of instructions from the bodies of the savings bank association. Unless otherwise provided for by Land law, section 319 (1) sentences 3 and 4 apply with the proviso that the audit office must have available an excerpt relating to its registration pursuant to section 40a of the Act on the Profession of Auditors; where it performs the audit pursuant to subsection (1) sentence 1 for the first time, it will have such excerpt available no later than six weeks after the audit has commenced.
(4) Where the credit institution is a savings bank, Article 4 paragraph (3) subparagraph 2 as well as Articles 16, 17 and 19 of Regulation (EU) No 537/2014 do not apply. Article 4 paragraph (3) subparagraph 1 as well as Article 10 paragraph (2) (g) of Regulation (EU) No 537/2014 apply accordingly to all persons employed by the savings bank association who have the ability to influence the result of the audit. Article 4 paragraph (2) and (3) subparagraph 1 as well as Article 10 paragraph (2) (g) of Regulation (EU) No 537/2014 do not apply to the audit offices.
(5) Credit institutions that are public-interest entities as defined in section 316a sentence 2 no. 1 or 2 and that have no supervisory board or administrative body that must meet the pre-requisites set out in section 100 (5) of the Stock Corporation Act are to apply section 324 even if they are not operated in the legal form of a share capital company or of a commercial partnership within the meaning of section 264a (1). This applies to savings banks within the meaning of subsection (3) as well as to other credit institutions under public law governed by Land law only insofar as Land law does not provide otherwise. Sections 36 (4) and 53 (3) of the Act on Cooperatives (Genossenschaftsgesetz) remain unaffected. Section 324 (3) sentence 1 does not apply to credit institutions in the legal form of a cooperative, to savings bank and to other credit institutions under public law governed by Land law.