The supervisory organisation may carry out the audit of its supervised persons and entities itself or arrange for it to be carried out by an audit company that:
is licensed as an auditor by the Federal Audit Oversight Authority in accordance with Article 6 of the Auditor Oversight Act of 16 December 20051;
is adequately organised for this audit; and
does not perform any other activity requiring authorisation under the financial market acts.
For audits conducted by an audit company in accordance with paragraph 1, a lead auditor must be appointed who:
is licensed by the Federal Audit Oversight Authority as an auditor in accordance with Article 5 of the Audit Oversight Act;
possesses the required specialist knowledge and practical experience to conduct the audit in accordance with paragraph 1.
Articles 24 paragraphs 2–5 and 24a –28a apply by analogy.
If so ordered by the supervisory organisation, the supervised persons and entities must make an advance payment to cover costs.