What are the Audit Requirements for Limited Liability Company at Finland:
According to Auditing Act (1141/2015 | pdf here) audit requirements are as follows:
» An auditor shall be appointed for a corporation or a foundation and an audit shall be carried out as provided in this or another act.
» Unless otherwise provided in any other act, there is no obligation to appoint an auditor for a corporation where no more than one of the following conditions were met in both the last completed financial year and the financial year immediately preceding it:
1) the balance sheet total exceeds EUR 100,000;
2) the net sales or comparable revenue exceeds EUR 200,000; or
3) the average number of employees exceeds three.
To put in common language, an auditor is required if two (out of three) of the above requirements are fulfilled for two fiscal years in a row.
Selection of an auditor in Finland
There is also no obligation to appoint an auditor for a corporation beginning its operations (during the registration), unless it is obvious that the criteria for not appointing an auditor will not be met.
If the above mentioned audit criteria is met, the auditor is appointed in the Shareholder’s Meeting. Either in the annual meeting or extraordinary meeting. The meeting is should be summoned as described in the Limited Liability Companies Act (624/2006 | pdf here).
Once the auditor is selected, the auditor has to be registered to Trade Register. Commonly an auditor will not sign off Financial statement without the registration. So this is an important step, which also requires either Shareholder’s Meeting decision of the appointment of the auditor.
We will gladly assist you with the opening of the limited liability company
In case you need help with the starting the company, do not hesitate to contact us:
Jonne Anttila
jonne.anttila(at)eaccounting.fi
+358 (0)45 6743350
Jonne Anttila, MSc., is founder and CEO of eAccounting Finland Oy.