Audit of financial statements

Auditing means the examination of financial statements and the provision of an opinion pertaining thereto according to the auditing rules. Auditors have the right to perform audits.

The finacial statements should be audited for all public limited companies and foundations. Also, the private limited company should be audited if the share capital is 400 thousand kroons and more.

In addition to that an accounting entity should be audited if at the balance sheet date of the accounting year the accounting entity exceeds the limits of at least two of the three following criteria:

Sales revenue (net turnover), in the case of a company, or income, in the case of other accounting entities 10 million kroons;
Total assets 5 million kroons;
Number of employees 10.

The financial statements should be filed at Commercial register during six months after the end of the financial year. For example, the audited financial statements should be filed in Commercial Register at 30 June if the financial year is a calendar year and for whom the audit is mandatory.