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Fundamental Principles of an Audit

In: The Audit Failures of the Wirecard Scandal

Author

Listed:
  • Edgar Löw

    (Frankfurt School of Finance & Management)

  • Reinhard Heyd

Abstract

Wirecard was a German company. Its consolidated financial statements were subject to German accounting rules and, due to its stock exchange listing, also to the IFRS. The final audit was carried out in accordance with German law and auditing standards. To understand the requirements for an audit under German law and, to discover the fundamental failures in the auditor's application of these requirements, it is necessary to know the German Fundamental Principles of an Audit. They are based on the International Standards on Auditing, which they specify for the German legal environment and supplement them in certain areas. We provide a legal introduction to the Fundamental Principles of an Audit, which include German law and, above all, German auditing standards. Two standards are of fundamental importance for the planning and execution of an audit—on the one hand, the risk-oriented audit approach and principle of materiality and, on the other, how to deal with risks of inaccuracies and violations.

Suggested Citation

  • Edgar Löw & Reinhard Heyd, 2024. "Fundamental Principles of an Audit," Springer Books, in: The Audit Failures of the Wirecard Scandal, chapter 0, pages 23-38, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-59854-8_2
    DOI: 10.1007/978-3-031-59854-8_2
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