Audit assignements in Italy - Lowering of thresholds
News from Italy: The reform of the bankruptcy regulation, just adopted by the Italian Parliament, has significantly lowered the thresholds above which the appointment of an external auditor is mandatory for Ltd partnership (in Italian SRl or Società a Responsabilità Limitata).
Starting from March 2019, when exceeding for two years one of the following thresholds the company has to appoint an auditor (individual or audit firm):
- Turnover > 2 m€
- Assets > 2 m€
- Employees > 10
This reform concerns approx. 175.000 companies that have to revise their by-laws and to appoint an auditor before year end to audit 2019 Financial Statements.
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Olivier Rombaut Managing Partner - Milan
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