All corporations (spa) must have an “Statutory Audit Board” composed by three Auditors, while limited companies (srl) must have an “Statutory Audit Board” if:
- their Articles of Association requires it.
- for two subsequent financial years, the company has passed two of the following three limits:
a) total assets on the balance sheet: euro 4,400,000;
b) earnings from sales and provisions of services: euro 8,800,000;
c) average number of staff employed during the financial year: 50 units.
- the company controls a subsidiary that has a Statutory Audit.
The Statutory Audit Board is entrusted to verify and monitor the compliance in the following areas:
- compliance with the law and the by-laws of the company;
- correct administration and internal controls;
- adequate and reliable organizational and administrative structure;
- adequate and reliable accounting system.
The Statutory Audit Board comprises three members and must perform a quarterly audit and provide a report on the financial statements.
For limited company (srl) a sole Auditor can be appointed instead of the Internal Audit Board.
The remuneration of the Auditors is set by the stockholders in conformity with a fee schedule established by a CPA tariff.
LDP Audit Services
LDP provides Statutory Audit services as an integral tool for corporate success, thus providing evidence to stakeholders that financial results are reported in accordance with applicable standards.
As more companies outsource business services, they rely on independent Auditors to properly assess the controls used by those service providers. Our approach is to first understand the business and the risks it faces and then to focus our efforts where it matters most. Our method is both effective and cost efficient.
member of Statutory Audit Board; Voluntary Financial Statement and Consolidated Balance sheet Audit; Audit in compliance of US GAAP.
We consider that our job is to keep our clients informed day by day of all accounting, financial and regulatory developments that may impact their business.
LDP Tax & Law is a tax & law firm established in 1993 offering a full range of professional services for multinational companies doing business in Italy. These services include company formation in Italy, accounting system setting up, bookkeeping, tax and vat compliance financial reporting packs (IFRS, US GAAP, Italian GAAP), preparation of employment contracts, payroll management, transfer pricing documentation, corporate finance, legal advice, audit, immigration. and more. Our services allow our clients to focus on developing their businesses in Italy saving time and money. Our One-point-of-Contact business model effectively and efficiently matches your requirements with tailor-made solutions, saving you valuable time and resources. LDP will support you every step of the way in doing business in Italy.