Statutory and voluntary audits in accordance with the German Commercial Code (HGB) and International Financial Reporting Standards (IFRS)—for individual companies and corporate groups.

Group audits and international consolidated audits, centrally coordinated by the PKF Wulf Group and supported by local expertise from the PKF Global Network.

Audit reviews, special audits, certifications, and other assurance services for specific business issues.

Audit of sustainability reports and ESG information in the context of the CSRD and ESRS, the EU Taxonomy, or voluntary sustainability reporting.

More on sustainability reporting

Reliable financial information requires reliable IT systems and controls. Our IT audit specialists specifically incorporate IT relevant to financial reporting into the financial statement audit.

This includes, in particular, IT general controls (ITGC) such as access permissions, program changes, and backup processes; IT-based process controls in ERP and source systems; and the assessment of IT transformations and system migrations.

We have experience with various ERP systems, including SAP and Microsoft Dynamics.

Learn more about IT audits

The PKF Wulf Group primarily assists medium-sized companies and corporate groups with audits of annual financial statements and consolidated financial statements.

This includes companies with strong regional roots as well as internationally active medium-sized corporate groups with subsidiaries abroad.

We are a particularly good fit for companies that value personalized service, direct access to the responsible auditors, and quick decision-making processes, while also requiring international audit capabilities.

Through the PKF Global Network, we can engage local auditors and specialists and coordinate international audit engagements centrally from Germany.

A statutory audit requirement may arise, in particular, when a company grows and exceeds the relevant size thresholds set forth in the German Commercial Code (HGB).

It is particularly important for management and the CFO not to wait until the annual financial statements are prepared to begin the initial audit. Issues such as inventory, opening balance sheet values, processes, internal controls, and required documentation should be coordinated with the auditor at an early stage.

The legal basis for this is set forth in particular in Sections 267 and 316 of the German Commercial Code (HGB).

During an initial audit, the auditor must first gain a comprehensive understanding of the company, its accounting practices, key processes, and IT systems.

From the perspective of management and the CFO, it is therefore advisable to plan the audit well in advance. This allows key accounting and audit issues to be clarified before the annual financial statements are prepared, thereby reducing additional burdens on the finance team.

Particularly for companies with an international presence, reporting structures, foreign subsidiaries, and, if applicable, local auditors should also be taken into account early on.

An obligation to prepare consolidated financial statements may arise, in particular, when a company acquires subsidiaries, establishes new ownership structures, or as the existing corporate group evolves.

The basic requirements are set forth in Section 290 of the German Commercial Code (HGB).

For management and the CFO, preparing the first consolidated financial statements usually involves much more than mere consolidation: the scope of consolidation, accounting policies, reporting packages, intercompany reconciliations, and timelines must all be organized across the group for the first time.

For international groups, this is compounded by the need to coordinate foreign subsidiaries and, where applicable, local auditors.

Not every corporate group with subsidiaries is automatically required to prepare consolidated financial statements.

The German Commercial Code (HGB) provides, among other things, for size-based exemptions under Section 293 HGB as well as additional exemption options for certain group structures.

Particularly following acquisitions or in the case of growing corporate groups, it is therefore important to determine at an early stage whether there is actually an obligation to prepare consolidated financial statements or whether a statutory exemption can be utilized.

Yes. Especially in cases involving financing, acquisitions, changes in ownership, or growing corporate groups, banks, investors, or shareholders may require or expect consolidated financial information.

Voluntary consolidation can help provide a transparent picture of the corporate group’s financial situation as a whole.

Whether a complete voluntary consolidated financial statement is required for this purpose or whether another form of consolidated financial information is sufficient depends on the specific information needs of the recipients.

In the case of an international consolidated financial statement audit or a group audit, the PKF Wulf Group centrally coordinates the audit of the relevant companies.

Together with the participating audit teams, we coordinate the scope of the audit, material risks, reporting requirements, and timelines. Through the PKF Global Network, we can engage local auditors and specialists in the respective countries.

For management and the CFO, a single point of contact at the PKF Wulf Group remains responsible for coordinating the international audit and consolidating the results for the consolidated financial statements audit.

Not necessarily.

Existing local auditors may continue to be involved in the group audit under certain conditions. The key factor is that the responsible group auditor must be able to oversee and evaluate their work in accordance with applicable audit requirements.

For companies operating internationally, this means that established local structures do not automatically have to be completely overhauled. The parties should jointly assess which existing audit structures can be meaningfully continued.

Changing auditors may be advisable if your company has grown significantly, become more international, or if the current audit services no longer align with the size and complexity of the corporate group.

The desire for dedicated points of contact, direct access to the responsible auditors, more stable teams, shorter decision-making processes, or a more internationally coordinated audit can also be reasons to review your existing relationship with your auditors.

A change should be planned as early as possible so that the audit strategy, timeline, and transition can be prepared in a structured manner.

Even medium-sized companies with an international presence do not necessarily need a Big Four audit firm.

A change in firms may be worthwhile if experience with international group audits, the German Commercial Code (HGB), and IFRS is still required, but direct access to partners, stable audit teams, and short decision-making processes are given greater priority.

The PKF Wulf Group combines the personalized service of a mid-sized accounting firm with the international capabilities of the PKF Global Network.

A statutory rotation requirement does not generally apply to every small and medium-sized enterprise.

Specific requirements apply in particular to entities of public interest, known as public interest entities.

For traditional medium-sized companies, however, there is generally no comparable general requirement to regularly change audit firms.

Regardless of this, it may be advisable to periodically review the existing auditor relationship in terms of quality, efficiency, industry knowledge, international reach, and personalized service.

Yes. We audit domestic companies and international corporate groups in accordance with the German Commercial Code (HGB) and International Financial Reporting Standards (IFRS).

For cross-border corporate structures, we centrally coordinate the audit teams involved and can engage local auditors and specialists through the PKF Global Network.

This allows us to combine international audit capabilities with a single point of contact for management and the CFO in Germany.

The more financial processes are automated and interconnected on an international scale, the more important IT systems, interfaces, and internal controls become—even for the financial statement audit.

Depending on the system landscape, our audit teams and IT audit specialists incorporate ERP systems, access permissions, automated controls, and system migrations, among other elements, into the audit.

In doing so, we work with modern audit solutions such as Caseware, audit.neo, and Auditi, as well as AI-powered applications.

This technology helps our auditors identify risks more precisely and structure audits efficiently. A deep understanding of your business model and the professional judgment of experienced auditors remain crucial.

For management and the CFO, audit quality is reflected not only in the audit results but, above all, in the collaboration throughout the entire audit process.

In our view, the key factors are an experienced and stable audit team, direct access to the responsible auditors, clear communication, an understanding of the industry and the corporate group, and the ability to address complex issues at an early stage.

The quality of our work is also recognized externally: The PKF Wulf Group was named “Germany’s Best Auditors for Mid-Sized Companies 2026/2027” by manager magazin.

At the same time, feedback from our clients is particularly important to us—because professional quality, reliability, and pragmatic collaboration determine how well an audit integrates into a company’s day-to-day operations.

In addition to professional expertise, the auditor should, above all, be a good fit for the company’s size, structure, and growth trajectory.

For internationally active medium-sized companies, experience with comparable corporate structures, industry knowledge, expertise in the German Commercial Code (HGB) and International Financial Reporting Standards (IFRS), the ability to conduct international audits, and the composition and stability of the audit team are particularly relevant.

Equally important are direct access to the responsible auditor, clear central coordination, and the question of how early key accounting and auditing issues are addressed.

For international groups, it should also be clarified how foreign subsidiaries and local audit teams are integrated into the group audit.