As per 152A(1)(a): The following companies shall, in accordance with the provisions of the Auditors and Statutory Audits of Annual and Consolidated Accounts Law2009 submit their financial statements to an Auditor for auditing:
- Every company required by this Law to prepare consolidated financial statements;
- Every public limited-liability company ;
- Every private limited-liability company not being a small sized company.
The companies mentioned in paragraph (a) shall also submit to the Auditor the Directors’ report for the purpose of auditing its compatibility with the submitted financial statements.
When used in this article, the term “small sized company” means a company in which at least two of the three sizes below shall not exceed, throughout the financial year, the following prices:
- Total assets presented in the balance sheet (and without having subtracted the liabilities) at €34,172.029;
- Net turnover of €70,052.659;
- Average number of employees, fifty persons.
152A(2): Provided that the company which initially fulfils the above-mentioned conditions loses its designation as a small sized company only if it exceeds the abovementioned criteria during two consecutive financial years.
152A(3): The financial statements and the Directors’ report which have not been audited, in accordance with the provisions in this section, shall be deemed not to have been published under subsection (4) of Section 142.