Who is required to conduct an audit

Updated 06.02.2025

The annual financial statements must be audited by:

— state and municipal companies;

— public interest companies;

— joint stock companies;

— closed joint-stock companies in which the state and/or municipality is a shareholder;

— legal entities that are required to prepare financial statements in accordance with the laws governing their activities;

if they meet at least one of the following 2 conditions:

1) At least 2 indicators on the last day of the financial year exceed the following values:

— Net sales revenue during the reporting financial year – 4.5 million euros;

— Value of assets indicated in the balance sheet – 2.5 million euros;

— Average annual number of employees during the reporting financial year – 50.

2) Funding received from the state or municipal budget and used during the reporting financial year exceeds 500,000 euros.

Special laws regulating the activities of legal entities may establish other requirements for legal entities regarding the audit of financial statements.

The annual consolidated financial statements of companies that are required to prepare consolidated financial statements must be audited.

Legislation

— ​​ Law on Audit of Financial Statements and Other Assurance Services (see Article 3)

—  Law on Reporting of Enterprises and Groups of Enterprises

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