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.The qualifications should be presented in a manner indicating their scope.llThe report referred to in Paragraph 1 should present in particular:lla general description of an entity (its identification data);lla statement that an entity provided requested information, explanations and representations;ll(73) an assessment of the correctness of the accounting system used by an entity;lla description of the financial statement items or their groups, if, in the opinion of a statutory auditor, they require a description;lla statement that a bank has complied with applicable prudence laws, specified in other regulations, and a statement that a capital adequacy ratio has been calculated in a correct manner;lla statement confirming that an insurer has recognised sufficient technical reserves to ensure the full settlement of current and future liabilities resulting from existing insurance contracts, and that these reserves are secured by investments in accordance withlll45applicable insurance regulations, and also that a solvency margin has been calculated in a correct manner, and that there are sufficientfunds to cover that margin;7) a presentation of the property and financial position and the financial result of an entity, with the specification of eventswhich, compared to prior reporting periods, have a significant negative impact on this position, and, in particular, which represent athreat to the entity's operations as a going concern.If, during an audit, a statutory auditor identifies a significant breach of the law orthe entity's articles of association or a deed, which has an impact on the financial statements, the auditor should disclose suchinformation in his/her report, and, if necessary, in the opinion as well.6.The opinion and report should result from audit documentation which was gathered and processed during the audit.They shouldenable a statutory auditor who did not participate in the audit to trace its course and find substantiation for the opinion expressed onthe audited financial statements.Art.66.1.An audit of the financial statements shall be carried out by a statutory auditor who meets conditions which ensure the expression of an impartial and independent opinion on these financial statements.2.Impartiality and independence are regarded as not met, if a statutory auditor:lholds shares or other ownership rights in an entity or its associated entity, parent company, subsidiary or co-subsidiary, except for shares in a housing co-operative;llis or was during the last 3 years a legal representative (a proxy), a member of the supervisory or management bodies, or an employee of the entity or its associated entity, parent company, subsidiary or co-subsidiary;llduring the last 3 years participated in bookkeeping or preparing the financial statements which are to be audited;llearned, at least during 1 year out of the last 5 years, at least 50% of his/her annual income by providing services to a given entity, its parent company, associated entities, its subsidiaries or co-subsidiaries.This condition does not apply to the first year of practice of a statutory auditor.llis a spouse, relative or lineal km to the second degree, or a person fostered, in the custody of or under the wardship of a executive manager or a member of the supervisory bodies of an entity, or has engaged such people during an audit;llis for other reasons unable to prepare an impartial and independent opinion.llThe impartiality and independence rules specified in Paragraph 2 apply accordingly to the entities referred to in Art.10 Paragraphs 1 and 2 of the Act of 13 October 1994 on statutory auditors and their self-government (Journal of Laws of 2001, No.31, item 359) and to executive managers and members of supervisory bodies of such entities or other persons involved in auditing these financial statements.llThe selection of the entity referred to in Paragraph 3 is made by the body approving the entity's financial statements, unless articles of association, a deed or other applicable regulations provide otherwise.llThe entity's manager signs, with the entity referred to in Paragraph 3, an audit contract at a date which enables this entity to participate in the stocktaking of significant assets.Audit fees are covered by the audited entity.llAn audit carried out with the violations of the provisions of Paragraphs 1-4 is invalid by virtue of the law.lArt.67.1.The audited entity's manager shall ensure that a statutory auditor who is auditing the financial statements, has access to thebooks of accounts and documents being the basis for the entries, as well as to any other documents.The audited entity's manager shallalso provide full information, explanations and statements which are required to express an audit opinion on the entity's financialstatements.2.A statutory auditor has a right to obtain audit-related information from the entity's contractors, including banks and its legaladvisers, upon the authorization of the entity's manager.46lIf an audit covers financial statements of a parent company, the rights of a statutory auditor referred to in Paragraphs 1 and 2, apply also to subsidiaries, co-subsidiaries and associated entities.llStatutory auditors who audited the financial statements of:llan entity, its subsidiaries, co-subsidiaries or associated entities - for reporting periods preceding the financial year;llsubsidiaries, co-subsidiaries or associated entities - for the financial yearlare required to provide appropriate information and explanations to the statutory auditor who is auditing the entity's financial statements for the financial year, including the financial statements of the parent company.Art.67a.The provisions of Art.65, Art.66 Paragraphs 1, 2, 4 and 5 as well as Art.67 apply accordingly to the audit of financial statements other than those specified in Art.64.Art.68
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