Italy: New Financial Thresholds for Mandatory Audits
The Italian Parliament approved a new law known as Code of Corporates’ Crisis. It reduces the risk of insolvency and bankruptcy by reducing the requirements that obligate a company to appoint a statutory or accounting auditor.
The new law requires Italian SRL (LLC) companies to appoint an auditor if one or more of the following thresholds are exceeded for two years:
- 4 million euro of total assets
- 4 million euro of revenue
- 20 employees