Audit for Financial Institutions and other Financial Services Entities

From statutory audits under the Austrian Commercial Code (UGB) and the Austrian Banking Act (BWG), as well as IFRS audits, to prudential audits pursuant to Section 63 BWG, special purpose audits, regulatory assurance engagements and agreed-upon procedures: we support banks and financial services providers with deep industry expertise, regulatory know-how and a thorough understanding of the requirements of the Austrian and European financial markets.

The audit of banks and financial services providers requires the integration of accounting expertise, regulatory knowledge and a deep understanding of business models, risks and processes. At the same time, the expectations of supervisory authorities, owners, investors and other stakeholders continue to increase.

Our Financial Services team audits credit institutions, branches of foreign banks, investment firms, payment and e-money institutions, as well as other financial services providers. In doing so, we combine many years of industry experience with a comprehensive understanding of the regulatory, economic and technological environment in which our clients operate.

Our Approach

We do not view the audit as a mere compliance exercise, but as a continuous and risk-oriented process. Through early audit planning, regular coordination with management, supervisory bodies and internal audit functions, as well as the use of modern data-driven audit methodologies, we enhance transparency and identify key issues at an early stage.

Our team combines many years of experience in the audit of banks and financial services institutions with practical expertise in the areas of FinTech, payments and digital assets. This enables us to support both established credit institutions and branches, as well as innovative financial services providers, as trusted advisors who understand their business and regulatory environment.

Services outside the scope of statutory audits, particularly in the areas of regulation, governance, risk management and internal audit, can be found under “Regulatory Advisory and Support Services".

Regulatory Advisory and Support Services

Our Services

Statutory Audit

Audit of individual and consolidated financial statements in accordance with the Austrian Commercial Code (UGB), the Austrian Banking Act (BWG) and IFRS, including prudential audits pursuant to Section 63 BWG
Audit of financial information in accordance with Section 44 (4) BWG, including the assessment of compliance with regulatory requirements by branches
Audit of annual reports of investment funds
Audit of annual financial statements of payment institutions and electronic money institutions, including regulatory reporting and compliance obligations
Audit of investment firms in accordance with the Austrian Securities Supervision Act (WAG) and applicable regulatory requirements
Audit and review of interim financial statements (quarterly and semi-annual financial statements)
Assurance engagements relating to sustainability reporting (CSRD / ESRS)
Assessment of compliance with the Austrian Code of Corporate Governance (ÖCGK)

Other Assurance and Regulatory Audit Services

Corporate law special audits (e.g. incorporation audits, merger audits, demerger audits and restructuring audits)
Audit of pro forma financial information and issuance of comfort letters in connection with capital market transactions
Audit and assurance services relating to digital asset service providers and entities regulated under MiCAR
Impairment assessments of selected loan, securities and equity investment portfolios
Confirmations for regulatory purposes, including the recognition of annual and interim profits as Common Equity Tier 1 (CET1) capital
Custody audits as well as audits under the Austrian Securities Supervision Act (WAG) for investment firms and investment service providers
Assurance engagements relating to IT systems and controls (e.g. ISAE 3402)
Analysis and assessment of the impact of new accounting and regulatory standards on business operations and reporting requirements

Agreed-Upon Procedures and Other Assurance Services

Performance of agreed-upon procedures (Agreed-Upon Procedures in accordance with ISRS 4400 / KFS PG 14)
Other assurance engagements in accordance with ISAE 3000
Banking law and business-related audit and assurance services