Commentaries: Art. 47

Any person who submits a licence application within four months following the commencement of the AOA and provides confirmation of payment of the fee in accordance with Article 38 shall receive a provisional licence to provide audit services. It shall be noted in the register of auditors that the licence in question is provisional.
If the licensing requirements have clearly not been satisfied, the application shall be rejected.
Individuals who are employed by or have an interest in an audit firm and the audit firm in question must coordinate the submission of their applications.
The applicant shall receive electronic confirmation of the provisional licence. The stock exchange shall receive electronic notification of all provisional licences issued to audit firms under state oversight.
The Oversight Authority shall set individuals and firms with a provisional licence an appropriate period within which they must submit the documents associated with the application. At the same time, it shall warn them that the provisional licence will be withdrawn in the event that the documents are not submitted on time. The Oversight Authority may extend the period appropriately, on receiving a written request to this effect, if there are compelling reasons for doing so.
If the period in accordance with paragraph 5 is not observed, the Oversight Authority shall withdraw the provisional licence. It shall inform the relevant oversight authorities in accordance with specific legislation and, if applicable, the stock exchange of this withdrawal in writing and shall adjust the register accordingly. In this case the licence application may be submitted again by means of the ordinary procedure.
Audit services that are provided with a provisional licence are legally valid even if a definitive licence is subsequently refused.