On 1 January 2025, changes to the accounting legislation regarding the obligation to audit financial statements came into force. In this article, we explain which entities will be required to have their financial statements audited and what the implications of these changes are.
When does the duty to audit the statement apply?
On 1 January 2025, most of the provisions of the Act of 6 December 2024 amending the Accounting Act, the Act on Statutory Auditors, Audit Firms and Public Supervision and certain other acts came into force. Under it, new audit thresholds are effective from the beginning of 2025. They apply for the first time to statements prepared for a financial year beginning after 31 December 2024.
The obligation to audit the financial statements arises when two of the following conditions have been met in the previous financial year:
- the annual average employment in full-time equivalents was at least 50 persons
- the total assets of the balance sheet as at the end of the financial year were the equivalent in Polish currency of at least EUR 3 125 000
- the net revenue from the sale of goods and products for the financial year was the equivalent in Polish currency of at least EUR 6 250 000
The legislator has not only introduced a change with regard to the quota thresholds, but also made a significant change to the third limit mentioned above. It is worth noting that, as of 2025, the limit is determined by net revenues from the sale of goods and products, excluding revenues from financial operations. Furthermore, revenues from the sale of goods and products do not include revenues from the sale of materials.
Which companies are subject to a balance sheet audit?
The obligation to audit financial statements, notwithstanding the above limits, may also be determined by the type of business conducted. This group includes, among others:
- banks
- insurance companies
- Cooperative Savings & Credit Unions (SKOKs)
- investment funds
- pension funds
The mandatory audit in any case also applies to the statements of joint stock companies.
It is also common to audit the statements or their most significant elements for group reporting purposes.
Audit of financial statements - applicable limits
For 2025, the following limits apply (2024 figures converted at the average exchange rate of the National Bank of Poland on 31 October 2024):
- employment of at least 50 persons
- total assets - PLN 13,388,937 (EUR 3,125,000 × 4.2846 PLN/EUR)
- total revenue - PLN 26,778,750 (EUR 6,250,000 × 4.2846 PLN/EUR)
Financial statement audit - how can we help?
The changes to accounting regulations bring new challenges for businesses. Understanding these changes is crucial to avoid unnecessary problems and financial sanctions.
Learn more: Audits of Financial Statements Crowe
Why is it worth taking advantage of our services?
- Experts: Our team consists of experienced professionals
- Knowledge of legislation: We are up to date with the latest changes in the legislation
- Comprehensive service: We will prepare your statement for audit, provide full cooperation with the auditor and answer all your questions
- Individual approach: We tailor our services to your needs and to the specific characteristics of your company
- Security: We ensure that your financial statements always comply with current legislation
Do not risk financial sanctions and loss of trust from your business partners. Contact us today!
