The German Bilanzrechtsmodernisierungsgesetz (short: BilMoG) is a German accounting law reform act usually first applied in fiscal year 2010.
It emphasizes that the
supervisory board
In corporate governance, a governance board also known as council of delegates are chosen by the stockholders of a company to promote their interests through the governance of the company and to hire and fire the board of directors.
In civil s ...
has to (1) guarantee the effectiveness internal control system of a firm, (2) check the
internal audit
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to ...
function and (3) evaluate the
risk management system.
References
External resources
* Original law (in German)
Bundesgesetzblatt Jahrgang 2009 Teil I Nr. 27
2010 establishments in Germany
Financial regulation
Accounting terminology
Regulation in Germany
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