Pursuant to the Sarbanes-Oxley Act of 2002, companies listed with US stock exchanges are required to be audited by an auditing firm registered with the Public Company Accounting Oversight Board (PCAOB). This also applies to German subsidiaries with a material impact on the consolidated financial statement of a listed company. By virtue of our registration, we are able to audit such companies.
Currently, approx. 2,200 auditing firms are registered with the PCAOB globally, 40 of which are German auditing firms (as of November 2014). A registration with the PCAOB requires the implementation of an appropriate quality assurance system which is performed in close consultation with the Wirtschaftsprüferkammer [German Chamber of Auditors] and the Institut der Wirtschaftsprüfer [German Institute of Auditors]. Accordingly, the cooperation with the PCAOB and/or the forwarding of information to this institution is only possible in accordance with the German professional legal regulations.
Please see the PCAOB homepage for more information.