- Article 280 of the Companies Act: Members of an audit committee may be only supervisory board members who are independent of the entity audited. All members of an audit committee shall be adequately trained for the area of operations of the entity audited. An audit committee shall have the following additional tasks:
- to report to the supervisory board about the results of the statutory audit, including an explanation of how the latter contributed to the completeness of financial reporting and what role was played by the audit committee in the procedure;
- to cooperate with the internal auditor, particularly through mutual provision of information about main issues relating to an internal audit. - Article 281 of the Companies Act: The chairperson of a supervisory board also represents a company upon the conclusion of a contract with the auditor of the annual and consolidated annual report.
- Article 691 of the Companies Act: A fine between €1,000 and €5,000 for an offence shall be imposed on a member of a supervisory board committee if they decide on issues that fall within the competence of the supervisory board or management board.