Audit légal

Auditors must provide a guarantee to shareholders and third parties that the financial statements presented to them show a true and fair view of an entity's financial situation. This is the role of a legal audit.

In the Principality of Monaco, the task of carrying out a legal audit by an auditor is governed by Article 8 of Law no. 408 of 20/01/1945. It is a "general and permanent supervisory mission, with the broadest investigative powers, regarding the regularity of the operations and accounts of a company and compliance with the legal and statutory provisions governing its operation".

 Auditors analyse the risks of significant irregularities in the accounts, and determine the oversight work they must carry out with regard to both the entity's internal procedures and its accounts. The audit procedure concludes with the issuance of an opinion on the audited entity's annual accounts.

Pursuant to Article 8 of Law no. 408 of 20/01/1945, legal audits are compulsory for the following entities, with no conditions other than their legal status :

• Monegasque companies with limited liability (SAM)
• Partnerships limited by shares (SCA)

The obligation to appoint an auditor also applies to the following companies (Article 3 of Sovereign Ordinance no. 993 of 16 February 2007 implementing Law no. 1331 of 8 January 2007 on companies):

• Companies with limited liability (SARL)
• General partnerships (SNC)
• Limited partnerships (SCS)

Where their share capital is in excess of 150,000 Euro, or where two of the following three thresholds have been reached in two consecutive years :

1. their total balance sheet exceeds 1.5 million Euro ;
2. their pre-tax turnover exceeds 2.5 million Euro ;
3. they have more than 20 employees.

An auditor designated in accordance with the previous paragraph is appointed by an ordinary general shareholders' meeting for a renewable term of three tax years.

Are you looking for an auditor in Monaco ? Consult the list of members of the Order of Public Accountants