1 If an individual or an audit firm carries out the tasks of auditors, the provisions of this Act apply as soon as the new provisions on auditors of 16 December 2005 become applicable to the legal entity to be audited.
2 If individuals or audit firms provide other audit services, the new law shall apply from the moment this Act comes into force.
3 Individuals and audit firms that submit an application to be licensed as an auditor, audit expert or audit firm under state oversight to the Oversight Authority within four months following the commencement of this Act may provide audit services in the sense of Article 2 letter a until the decision on the licence is taken. The Oversight Authority shall confirm timely receipt of the application to the applicant in writing. It shall notify the stock exchange of applications that are submitted for licensing as an audit firm under state oversight.
4 Professional experience that has been acquired up to two years following the commencement of this Act under the oversight of persons who satisfy the requirements in accordance with the Ordinance of 15 June 199295 on the professional requirements for specially qualified auditors shall be regarded as professional experience in the sense of Article 4.
5 Professional experience that has been acquired up to two years following the commencement of this Act under the oversight of persons who satisfy the requirements relating to education in accordance with Article 4 paragraph 2 shall be regarded as professional experience in the sense of Article 5.
6 In cases of hardship, the Oversight Authority may also recognise professional experience that does not meet the statutory requirements, provided that it can be demonstrated, on the basis of many years of practical experience, that audit services are provided faultlessly.