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2017 Report - Curtailment of the German SAI’s audit mandate in the field of banking supervision and at financial institutions

Jan 31, 2017

In its report dated 18 November 2016, the European Court of Auditors stated that the scope of its audit mandate regarding significant financial institutions is not comparable to the national mandate the German SAI had before. In the course of its audit, the European Court of Auditors had fundamental difficulties in accessing documents of the European Central Bank.

Following the German SAI’s recommendation, the Budget Committee of German Parliament affirmed its intent to make the point for extending the audit mandate of the European Court of Auditors. The aim is to achieve, also at the European level, a high quality audit and oversight standard comparable to the standard ensured nationally by the German SAI with a view to ensuring comprehensive external audit.

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