Statutory financial statement audits: why?
Statutory audits of financial statements were introduced by the government to protect society and its economy. Your company is required by law to have an audit conducted if, for two consecutive financial years, it meets two of three criteria. At present, these criteria are as follows:
- Balance sheet total assets in excess of 6,000,000 euros;
- Net turnover in excess of 12,000,000 euros;
- Average workforce based on a full time equivalent in excess of 50 or more.
Conducting the audit
Only an audit firm that has been issued a licence by the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, ‘AFM’) may perform a statutory audit of your organisation’s financial statements. The AFM uses this requirement as a mean to safeguard the quality and reliability of audits. The audit firm that you select conducts the audit at your offices. Working with Van Oers means a personal approach, and the same audit team wherever possible. The result is an efficient and effective audit.