What is an auditor ?
In the Principality of Monaco, accountants who are members of the Monegasque Order are the only persons qualified to act as auditors (CAC). The profession is governed by Law no. 408 of 20/01/1945.
The role of auditors
The role of auditors is to certify the regularity and truthfulness of the financial statements of the entities they control. They assure and guarantee that the annual accounts show a true and fair view of the entity's assets, financial situation and results. The audit the accounts in accordance with the rules in force and prepare a report, which they present to the ordinary shareholders' meeting of the enterprise. Auditors are independent, and cannot under any circumstances be involved in the management of the companies whose accounts they control.
The principal tasks of auditors in the Principality of Monaco are as follows :
For whom is it compulsory to use an auditor ?
Appointment of an auditor is compulsory for:
- Sociétés anonymes
- Limited liability companies, limited partnerships and general partnerships that have share capital in excess of 150,000 Euro, or which have reached two of the following three thresholds in two successive years :
- their total balance sheet is in excess of 1.5 million Euro
- their pre-tax turnover is in excess of 2.5 million Euro
- they have more than twenty employees
Auditors are appointed by an ordinary shareholders' meeting for a term of three tax years.
To choose your auditor, consult the list of Members of the Order
