Obligation to engage an Auditor

 When a company is allowed to submit an abridged balance sheet, it is not legally obliged to undergo an audit. The obligation to undergo an audit only arises when two of the following requirements apply to a company at the closing date of two consecutive financial periods:

1) For financial periods closed before 31.12.2007:

 a) the total sum of the items in its assets does not exceed €2,373,997.81;

b) net annual business turnover does not exceed €4,747,995.62;

c) the average number of employees during the financial period did not exceed fifty. The companies do not lose the facility of formulating the abridged balance if they do not fail to experience two of the abovementioned conditions during two consecutive financial periods.

2) For financial periods open from 01.01.2008:

 a) the total sum of the items in its assets does not exceed €2,850,000;

b) net annual business turnover does not exceed €5,700,000;

c) the average number of employees during the financial period did not exceed fifty. The companies do not lose the facility to formulate the abridged balance if they do not fail to experience two of the abovementioned conditions during two consecutive financial periods.