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Under the German commerce law, corporations are obligated to submit annual financial statements. In particular, stock corporations and private foundations (excluded are smaller Limited’s or GmbH’s).
The organs of a company have to create financial statements each year, to do so, the business process in the past period is displayed in a compressed form. The task of an auditor is to check these documents in regards to legal regulations and that the reality is matching with the financial statements, rather then giving an overview of the economic situation. In principle, this does not include the detection of embezzlements or other prohibited acts by the organ of the audited entity. However, if a test reveals such facts, there is of course a report requirement. Overall, the activity of an auditor stands in no connection with business audits by financial authorities.