Statutory audit and contractual audit
Audit is essential to guarantee the regularity and fairness of a company’s annual financial statements. The statutory auditor (“Le commissaire aux comptes” in French), a key player, has a vital role in certifying this financial information.
Statutory audit including group reporting
The statutory audit is an assignment carried out by the statutory auditor. Their role is to certify that the financial statements are true and fair.
When does a company need to appoint a statutory auditor?
Any company, regardless of its legal form, must appoint a statutory auditor as soon as it exceeds 2 of the 3 following thresholds, over one year.
Other case
For companies that are directly or indirectly controlled by an entity that must appoint a statutory auditor, the thresholds are different:
These thresholds apply from financial years beginning on 1 January 2024.
Sources: decree 2024-152 of 28 February 2024, articles D221-5 and D821-172 of the French Commercial Code.
In addition, certain other types of entity are required to appoint a statutory auditor on the basis of other, more specific criteria (e.g. associations, training organizations etc.).
Contractual audit
A contractual audit can requested by the company or by a third party. Its purpose is to issue an opinion in a specific situation during the life of a company.
Contractual audits required in France
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Auditor certifying the transfer of assets
“Commissariat aux apports” in French
Our aim: estimating the value of the assets brought into the company and ensuring that shareholders’ interests are defended in all transactions involving company shares. -
Merger commissioner
“Commissariat à la fusion” in French
Our aim: guaranteeing equality between partners when two companies merge. -
Auditor certifying the change of a company’s legal form
“Commissariat à la transformation” in French
Our aim: when shareholders decide to change the company’s legal form, we ensure that the conditions related to this change are respected.
Contractual audits not required in France – Agreed upon procedures
- Information system audit
- Social audit
- Internal audit
- Acquisition audit
- ESG audit
- …
