We offer you a regulatory-compliant audit of your annual financial statements in accordance with Section 45a of the German Capital Investment Code (KAGB). In doing so, we always keep the proportionality and efficiency of the audit in mind to ensure that the process is as resource-efficient as possible.
Overview
Pursuant to § 45a KAGB, all AIF alternative management companies (AMCs) registered under § 2 para. 4 KAGB are required to have their annual financial statements and management report audited annually by an independent auditor in accordance with the provisions of the HGB. The appointment of the auditor must be notified to BaFin, and the audit report must be submitted within the prescribed deadline – generally within nine months of the end of the financial year. In addition to auditing the financial statements, the obligation also covers compliance with the Anti-Money Laundering Act as well as the requirements set out in the articles of association and partnership agreement.
We support you in fulfilling the requirements of the annual audit efficiently and in full compliance with the law – from the appointment of the auditor through to the conduct of the audit and the timely submission of the report to BaFin.
Mandatory Audit pursuant to § 45a KAGB
The annual audit for registered AMCs is required by law, regardless of the size of the AMC.
Clear Formal Requirements & Deadlines
Structured requirements governing the audit, reporting and submission to BaFin.
Structured Audit Process
Our resource-efficient audit process ensures you complete the annual audit smoothly and without unnecessary burden.
Support from Preparation to Submission
End-to-end support from the appointment of the auditor through to the timely submission of the report to BaFin.
Legal Framework (§ 45a KAGB)
Since the Investor Protection Strengthening Act came into force in mid-2021, registered AIF alternative management companies (AMCs) have been subject to a statutory obligation to conduct an annual audit for the first time.
Who is affected?
The audit obligations under § 45a KAGB apply to:
- Registered AIF alternative management companies (AIF-AMCs),
- that are not classified as credit institutions or financial services institutions within the meaning of the KWG,
- and that manage at least one AIF.
The number of special AIFs managed by the AMC or the number of employees it employs is not relevant – the sole determining factor is registration with BaFin.
What does § 45a KAGB regulate?
§ 45a KAGB governs the following aspects:
- Basis for the mandatory annual audit of registered AMCs
- Defines the appointment of the auditor, the scope of the audit and reporting obligations
- Sets deadlines for the submission of the audit report to BaFin
Audit Obligations pursuant to § 45a KAGB
Since the 2021 financial year, registered AMCs have been subject to audit requirements. § 45a KAGB defines a clear audit framework that goes significantly beyond the requirements of commercial law.
1
Annual Financial Statements and Management Report
- Obligation to prepare annual financial statements and a management report
- Audit pursuant to § 45a KAGB – subject to the provisions of §§ 316 et seq. HGB
- Consideration of supervisory requirements relating to reporting obligations and anti-money laundering
2
Anti-Money Laundering Audit
- Audit of compliance with the Anti-Money Laundering Act (§ 45a para. 3 KAGB)
- Integrated as a fixed component of the annual audit and reporting to BaFin
3
Notification Obligations and Deadlines
- Notification of the auditor's appointment to BaFin (analogous to § 28 KWG)
- Submission of the audit report by the auditor within 9 months of the end of the financial year
Recommendations for Action for Affected AMCs
To ensure your AMC meets the new requirements without difficulty, we recommend the following steps:
1
Verify whether your AMC falls within the scope of § 2 para. 4 KAGB.
2
Appoint an auditor in good time – ideally before the end of the financial year.
3
Notify BaFin of the appointment without delay.
4
Prepare the annual financial statements and management report in accordance with the HGB.
5
Ensure that all anti-money laundering requirements are met.
6
Coordinate with the auditor at an early stage to ensure all deadlines are met.
THESE ARE YOUR CONTACTS
Justus Franke
Managing Director,
Chartered Accountant
Justus Franke is a Managing Partner at ADVANTA. As a chartered accountant and adviser, he supports financial institutions and companies in conducting annual audits as well as in reviewing governance, risk and compliance structures.
Lena Franke
Managing Director, Chartered Accountant
Lena Franke is a Managing Partner at ADVANTA. As a chartered accountant and adviser, she is responsible for annual audits as well as the review and implementation of regulatory requirements, with a focus on business strategy, risk management, credit and trading processes, and ESG requirements.
ADVANTA GmbH Wirtschaftsprüfungsgesellschaft is registered with the Chamber of Public Accountants as a statutory auditor
