Mandatory audit Limits

The limits of annual audit by which companies are required to audit its annual accounts as of last January 1, 2008 (just to the entrance of the New General Accounting Plan):

The entry into force of the new General Accounting Plan last January 1, 2008 amended mong other things, limits the audit of annual accounts for the formulation of the balance heet and statement of changes in equity shortcuts (Article 175 of Companies Act). In his case, the accounts shall be audited by an auditor registered in the ROAC

Article 203 states that "the annual accounts and reports shall be reviewed by auditors, ith the exception of the obligation" to companies that may present an abridged balance heet (ie not meeting these limits audit, which under Article 175 of the Companies Act are:

Current audit threshold (as of January 1, 2008)

1 .- They may make balance and statement of changes in equity shortcuts, companies that meet for two consecutive years, at the close of each of them, at least two of the following circumstances: This is what is known in the argot of the audit of accounts, the limits of mandatory audit:

a) The total of items in active and / or liability does not exceed 2.8 million euros.

b) The net amount of their turnover does not exceed 5.7 million euros. (Not to be confused with sales or receipts of the company, it seems, but is not 100% looking statements box in the profit and loss account).

c) The average number of employees during the year does not exceed fifty. (Do not have ETT).

Companies lose this ability if they fail to meet for two consecutive years, two of the circumstances referred to above.

2 .- In the first financial year since its establishment, transformation or merger, the companies may make balance and statement of changes in equity shortcuts, if they meet at the end of that year, at least two of the three circumstances stated in above.

3 .- The companies whose securities are admitted to trading on a regulated market of any Member State of the European Union may not use the option provided for in paragraph 1 of this article.

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