No audit jurisdictions?
- Thread starter inector
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There aren't a lot of jurisdictions where audits are mandatory for all companies. Cyprus, Malta, and Hong Kong (which has exceptions) come to mind, among jurisdictions typically in scope for these discussions.
Practically all relevant jurisdictions have audit requirements for companies of a certain size (usually one or a combination of turnover, profit, employee count), except the kind of jurisdictions that by each passing year becomes less and less feasible to run a business under.
Practically all relevant jurisdictions have audit requirements for companies of a certain size (usually one or a combination of turnover, profit, employee count), except the kind of jurisdictions that by each passing year becomes less and less feasible to run a business under.
Cyprus:
"Companies may submit their financial statements for review instead of audit, by a statutory auditor or statutory audit firm, performed according to the International Standard on Review Engagements (ISRE) 2400, when the company’s net turnover does not exceed the amount of €200,000 and the total value of the assets (gross, not net, i.e. without deducting liabilities) does not exceed the amount of €500,000. It is anticipated that these initial thresholds, which had been the subject of most of the bill’s debating, are likely to be re-visited in the near future and re-considered in the light of early application experience with a view to revising︀ them upwards, so that more companies are enabled to escape the full ISA audit requirement."︁
Source:
https://uhy.com.cy/changes-to-audit-requirements-in-cyprus/
"Companies may submit their financial statements for review instead of audit, by a statutory auditor or statutory audit firm, performed according to the International Standard on Review Engagements (ISRE) 2400, when the company’s net turnover does not exceed the amount of €200,000 and the total value of the assets (gross, not net, i.e. without deducting liabilities) does not exceed the amount of €500,000. It is anticipated that these initial thresholds, which had been the subject of most of the bill’s debating, are likely to be re-visited in the near future and re-considered in the light of early application experience with a view to revising︀ them upwards, so that more companies are enabled to escape the full ISA audit requirement."︁
Source:
https://uhy.com.cy/changes-to-audit-requirements-in-cyprus/
Estonian companies are not required until meet certain conditions.
Mandatory if meets at least 2 conditions:
or meets at least 1 condition:
Mandatory if meets at least 2 conditions:
- annual net sales of 4 000 000 euros and more;
- balance sheet volume of 2 000 000 euros and more;
- average number of employees is at least 50.
or meets at least 1 condition:
- annual net sales of 12 000 000 euros and more;
- balance sheet volume more than 6 000 000 euros,
- average number of employees is at least 180.
Unless you qualify for the very narrow exemptions, I'm not aware of any way to avoid it. Every Malta company I've been involved in has been audited. It's so easy, costs are negligible thanks to healthy competition, and banks/payment processors like it.
From none lol. I wonder why some people on the forum just love making up stuff to satisfy their need for paranoia. If you're a non resident alien and operate a single-member LLC all you have to do is file 5472 + 1120 each year – and that's it. Up to you what you do in your home jurisdiction.
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