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Auditing forms part of the business control system. It is therefore advantageous for companies to use the services of a professional auditor to ensure that the financial statements and possible annual report provide correct, sufficient and consistent information.

It is not compulsory for very small businesses to elect an auditor. Nevertheless, even companies not obliged to use an auditor often do so on a voluntary basis.

Who does not need to elect an auditor?

According to the Auditing Act, a company need not appoint an auditor if certain conditions are met. Private entrepreneurs (i.e. those working under a business name) do not need to appoint an auditor. Small companies (limited liability companies, general partnerships, limited partnerships, cooperatives) are exempted from auditing.

When does an auditor need to be appointed?

An auditor must be appointed if the company meets two of the following conditions:

  • balance sheet total exceeds EUR 100,000
  • net sales or corresponding earnings exceed EUR 200,000
  • there are more than three employees on average.

The limits apply to the concluded and the preceding accounting period.

If the articles of association, partnership agreement or rules of the organisation include a provision on appointing an auditor, an auditor must be appointed (or the relevant provision in the articles of association must be changed).

Electing an auditor

If the auditor is elected by law or on a voluntary basis, the auditor must be qualified and authorised, in other words

  • An auditor approved by the Central Chamber of Commerce (KHT auditor) or
  • An auditor approved by the local Chamber of Commerce (HTM auditor) or
  • An audit firm approved by the Central Chamber of Commerce (KHT firm) or
  • An audit firm approved by the Chamber of Commerce (HTM firm).


The auditor must be a KHT auditor or a KHT firm, if the corporation is subject to public trading or if at least two of the following conditions were met by the corporation or the foundation in the last completed financial year:

  1. The balance sheet total exceeds 25 000 000 euros according to the financial statements of the previous accounting period
  2. Net sales or comparable revenue exceeds 50 000 000 euros according to the financial statements of the previous accounting period
  3. The average number of employees exceeds 300 during the accounting period.


The trade register must be notified of the auditor.







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