The obligation to audit the financial statements arises if in the previous financial year two of the following conditions are met:
- the average annual FTE employment was at least 50 people
- the total assets of the balance sheet as at the end of the financial year amounted to an equivalent in Polish currency of at least EUR 2,500,000
- net revenue from sales of goods and products and financial operations for the financial year amounted to EUR 5,000,000
Audit of the financial statements - which companies have to do it?
The obligation to audit the financial statements, regardless of the above-mentioned limits, may also be determined by the type of the business operations. This group includes, inter alia:
- banks
- insurance companies
- SKOK (credit union)
- investment funds
- pension funds
The financial statements of joint-stock companies are also subject to compulsory audit in all cases.
It is also common to audit statements or the most important elements of them for the purposes of group reporting.
Audit of the financial statements - limits
In 2020, the following limits apply (the data for 2019 converted in accordance with the average National Bank of Poland exchange rate as of December 31st):
- employment level is at least 50 people
- total assets - 10,646,250 PLN (2,500,000 EUR × 4,2585 PLN/EUR)
- total revenue - PLN 21,292,500 (EUR 5,000,000 × PLN 4,2585/EUR)
Support in auditing the financial statements - scope of the service
We offer support to entities whose statements are to be audited which includes:
- auditor service in our office
- preparing a statement for the preliminary and annual audit
- preparing detailed information for the auditor about the items presented in the statement
- presentation of source documentation
- cooperation with the auditor in preparing the annual statement
After every year's closure, we will check whether your financial statement has to be audited in the following year.
