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The external auditor examines the ESM Financial Statements in accordance with generally accepted auditing standards. As defined in the ESM Treaty, the external auditor has the power to examine all books and accounts of the ESM and obtains all information about its transactions. The audit findings in relation to the ESM Financial Statements are reflected in the external auditor’s report on the Financial Statements as contained in the ESM Annual Report. The work of the external auditor is monitored and reviewed by the Board of Auditors.

In line with the ESM Treaty and By-Laws, the ESM independent external auditors are appointed by the Board of Governors for a term of three years, from among audit firms of good international reputation, approved and subject to public oversight. There shall be a mandatory rotation of external auditors every six years.

Furthermore, the external auditors are not eligible to provide non-audit related consulting services to the ESM. The provision of audit-related consulting services is subject to the prior approval of the Board of Directors, and the remuneration for such services may not exceed one-third of the remuneration for the audit services.