Financial audit shall mean the performance of a range of required and interrelated procedures determined by the applicable auditing standards on the basis of which the audit opinion is formed.

applicable auditing standards are International audit standarts/IFAC/.

Subject of the financial audit shall be:
1. the annual or interim, separate or consolidated financial statements prepared in accordance with the applicable financial reporting framework;
2. other financial statements or financial information
The financial audit shall be statutory audit or voluntary audit.

Statutory audit shall be the audit of annual financial statements insofar as required by the legislation or EU law.

Voluntary audit shall be any audit other than a statutory audit.
Financial audit shall be carried out by registered auditors that have been entered into the register under Art. 20.