ITALY – New rules on the necessity to appoint an audit firm
New rules on the obligation to appoint audit firms to review accounts
The Italian Government introduced new rules on the obligation to appoint an audit firm for Italian companies for the review of accounts. Indeed with the new code of the crisis and insolvency, the article 2477 of Civil Code has been amended and new limits and conditions to appoint external auditors have been introduced.
New limits and conditions to appoint an audit firm
The official journal of record of the Italian government, issued on February, 14th 2019, introduced new rules on audit obligations.
Based on such new rules, limited liability corporations have the obligation to appoint external auditors or an audit firm if any of the following limit is exceed for two consecutive years:
- Euro 2 million of assets at the end of the year;
- Euro 2 million of revenues in one year;
- 10 employees employed during the financial year.
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