Auditing was first introduced in Germany in the 1930s following the collapse of several notable insurance companies. Recent high profile accounting scandals, including Enron and Worldcom, led to the introduction of regular external quality assessments of audit companies. Consequently, Helmer and Partner mbB, was the first auditing company to complete its quality control in the East Wurttemberg region of Germany, in 2004.
Only auditing companies that pass the quality control assessment can conduct statutory annual audits. Only a third of all auditors in Germany are authorised to conduct statutory annual audits.
The quality control assessment is conducted by an external auditor who reports to the German Chamber of Public Accountants. The German Audit Oversight Commission (APAK) assessing whether the German Chamber of Public Accountants, and specifically the auditors conducting these quality controls, are conducting them in a proper manner. APAK occasionally takes part in quality control audits.
The chairman of APAK, Professor Dr. Kai Uwe Marten, participated in the closing meeting of the audit of Helmer and Partner on 18 February, acknowledging the company’s auditing standards.
Helmer and Partner mbB has successfully passed its assessment without any objections for the third time in a row.
INPACT: A global alliance of firms you can trust
Trust in accountancy firms comes from an understanding of capability and compliance. External quality audits performed by recognised bodies further evidence the credibility and professionalism of a firm. INPACT would like to congratulate Helmer and Partner for its commitment to procedural quality.