Audit & Assurance Services for the Financial Services Sector

Our motivated team has extensive experience in auditing a wide range of companies of the financial services sector and ensures high-quality audits. Using innovative audit methods, we are able to generate additional value and contribute to the sustainable development of your company. Together with our global BDO network, we also offer you the relevant expertise for international matters.

Our audit approach follows risk-based, international auditing standards (ISA). In addition, we rely on the use of standardized electronic audit tools, which provide a high level of audit security and quality. Our range of services in the area of Audit & Assurance includes:

• Audit of individual and consolidated financial statements of credit institutions in accordance with the Austrian Commercial Code (UGB) / Austrian Banking Act (BWG) and IFRS, including regulatory requirements (annex to the audit report)
• Audit of financial services providers in accordance with relevant regulations (WAG 2018, § 44 para. 4 BWG, BMSVG, ZaDiG 2018, etc.)
• Statutory and voluntary special audits (e.g. company formations, mergers, internal banking control systems, etc.)
• Audit or review of quarterly or semi-annual financial information
• Advisory and assurance services to ensure appropriate sustainability reporting

In addition, we offer tailored audit and assurance services specifically designed to meet your needs, particularly with regard to accounting-related and regulatory matters.

 

 

Regulatory Services - Our Regulatory Expertise

In the financial services industry, marked by complex and diverse challenges, we are always by your side. Regulatory requirements and the demands of a changing economy call for continuous development and innovation.

Our dedicated team specializes in equipping you with tailored strategies and solutions to master these challenges while generating sustainable value for your business.

Regulatory Compliance

Are you working to address findings from a regulatory audit, or has your statutory auditor identified weaknesses in your internal control system? Has your internal audit recommended measures related to anti-money laundering or risk management? Our experts are here to support you with practical guidance and hands-on assistance.

Regulatory Update

We monitor and analyze the regulatory developments relevant to you at both national and European levels. Since supporting our clients in meeting their obligations with the best possible advice is a core priority, we maintain regular personal contact and assist you with implementation measures.

Sustainability and Green Finance

Addressing the risks and opportunities of climate change has evolved from a compliance issue into a strategic priority. It not only enables sustainable transformation but also opens up opportunities for growth, profitability, and increased corporate value. Sustainability has also become a crucial factor in shaping a company’s reputation. Our experts advise you on ESG strategy, governance, and risk management—helping you identify and manage risks and opportunities. We also support you in ensuring appropriate sustainability reporting.

Internal Control System and Risk Management

Especially in challenging times, implementing an effective risk management system is critical to protecting your business from unexpected disruptions.

As a vital component of effective corporate governance, BDO supports you in establishing a robust risk management framework and internal control system. We work closely with you to develop strategies that will keep your business on a sustainable path to success.

Digital Transformation

Our experts in process analysis and optimization assist you in implementing digital transformation projects.

 

 

Outsourcing and Co-Sourcing of Internal Audit

Compliance with regulatory requirements and best practices, as well as the identification and assessment of risks, increasingly demand in-depth expertise and a thorough understanding of the financial services industry and its applicable regulations. Moreover, internal auditors must be capable of understanding and evaluating technological innovations and changes in the banking sector.

Since close collaboration with external experts is becoming increasingly valuable within internal audit, we support your audits by combining our strengths with those of your team in joint efforts (co-sourcing) or by fully taking over the internal audit function within your company (outsourcing).

We specialize in financial sector companies and help optimize internal processes and minimize risks. Our services include:

• Full takeover of the internal audit function (Outsourcing):As independent experts, we assume the internal audit role and act as a valuable partner to management.
• Support for selected audit activities (Co-Sourcing) : Our team enables flexible allocation of existing resources and the integration of experts for specific topics. Your internal audit gains a sparring partner while benefiting from increased objectivity and fresh perspectives in business decision-making.
• • Expert support across all phases (audit planning, execution, reporting, and follow-up): By implementing appropriate processes and procedures in line with best practices and benchmarking, internal audit becomes a reliable partner in the governance of your company.

Quality Assessment of Internal Audit

According to IIA Standards, the Head of Internal Audit must develop and maintain a quality assurance and improvement program. This program must undergo regular quality assessments by independent experts. As part of the External Quality Assessment (EQA), we leverage our industry experience to provide valuable insights..

 

 

Funds & Asset Management Services

Investment funds are enjoying growing popularity in the securities market. The domestic fund landscape distinguishes between the following types of funds:

• Alternative Investment Funds (AIFs) under the Austrian Alternative Investment Fund Manager Act (AIFMG)
• Capital Investment Funds under the Austrian Investment Fund Act 2011 (InvFG)
• Real Estate Funds under the Austrian Real Estate Investment Fund Act (ImmoInvFG)

Benefit from the expertise of selected professionals in the audit of domestic real estate and investment funds, as well as their respective management companies. From auditing domestic funds to providing tax representation for foreign funds in Austria, and handling complex issues related to capital assets, we are the first point of contact for our clients. We support management companies, alternative investment fund managers, securities firms, and custodian banks in tackling the various challenges that come with operating in this highly regulated industry.

We offer audit and advisory services in the following areas:

• Audit of domestic investment funds in accordance with the Investment Fund Act and AIFMG
• Conducting special audits related to funds and management companies
• Tax representation of foreign investment funds and fund-like investment vehicles
• Tax advisory related to income from capital assets
• Preparation of voluntary self-disclosures concerning income from capital assets
• Advisory services on sustainability matters related to funds and management companies

 

 

 

 

General Corporate Tax Law for Banks and Financial Service Providers

• Tax representation before tax authorities
• Ongoing tax advisory services (especially corporate income tax, VAT, fees, bank stability levy)
• Review of tax compliance and support in establishing an adequate tax compliance system, considering process optimization and liability minimization
• Support and management of external tax audits
• Guidance through tax procedural and criminal tax law, including assistance with voluntary self-disclosures
• Tax advisory services for restructuring measures
• Tax Due Diligence Services
• Payroll and expatriate services
• Assistance in determining appropriate transfer pricing and preparing transfer pricing documentation
• Avoidance of international double taxation and withholding tax reclaims
• Ongoing updates on tax developments relevant to banks

Bank-specific tax services

• Tax representation of investment funds
• Internal control systems for client taxes, especially withholding tax (KESt)
• KESt quick checks to detect system-related accounting risks at an early stage
• Ad-hoc clarification of tax and product-specific issues
• Training on tax basics and updates for client advisors and back-office staff
• Tax advisory for investment funds, private equity and venture capital funds, as well as other investment vehicles
• Support in implementing new legislative requirements
• CRS, FATCA, QI compliance
• Tax optimization and planning for the introduction of new financial products
• Classification of securities based on tax criteria
• Tax optimization of client investments – including participation in client meetings upon request

 

 

Tailored Solutions for Your Corporate Management

Valid and meaningful key figures are the foundation of effective and sustainable corporate management. In this context, the financial services industry is facing ever-increasing demands.

We support you in implementing national and international accounting standards and assist you in resolving complex issues. In times of limited resources, we are your partner for the individual and flexible takeover of accounting and controlling tasks, thereby providing you with a solid basis for decision-making, strengthening internal controls, minimizing tax risks, and improving the efficiency of your internal processes.

Our range of services in accounting and financial reporting includes:

• Tailored solutions for implementing complex accounting standards
• Assumption of accounting tasks
• Consideration of specific accounting regulations for financial sector companies
• Design and assurance of ongoing and meaningful reporting
• Support with the implementation and application of accounting software and systems

Through the collaboration of our experts, we offer you customized solutions. Let’s work together to ensure your company’s success.