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Metzler Group Auditing

Group Auditing is directly accountable to the entire management board. Subject to agency agreements it operates for all subsidiaries of the Metzler Group. It fulfills its tasks independently and autonomously, and does not take any instructions either for reporting or for the evaluation of the audit results. Group Auditing is empowered to conduct its audit in situ.

Group Auditing's activities include assessing the effectiveness of the risk management system, the internal control system and the management and monitoring processes, and making recommendations for improvement. It not only ensures that all operating and business procedures are orderly but also assesses their profitability.

The audits carried out by Group Audit are based on an audit plan prepared by the department itself which has to be authorized in writing by the managing directors each year in advance. The auditing process encompasses the planning, preparation, execution and completion of the audit. It considers the risks of the areas being audited as well as adherence to statutory, regulatory and internal specifications. In talks at the end of each year, the auditing results of the preceding year together with the audit plan for the coming year are discussed with the companies, operating units and specialist divisions.

The number of employees in Group Auditing is geared to the company organization, business fields, business development, the risk structure of Metzler Holding and the regulatory specifications. Adjustments are made as required. All staff members of Group Auditing have been trained and are qualified for their tasks, have extensive professional experience and regularly participate in training measures. They work solely in Group Auditing.

Group Auditing’s activities are audited annually by a firm of auditors and have always unconditionally fulfilled the regulatory requirements.

August 2011