Article 263 of the Capital Companies Law establishes that companies that for two consecutive fiscal years meet, at the closing date of each of them, at least two of the following circumstances are required to have their annual accounts audited:
ACTIVE | NET SALES (REVENUES) | EMPLOYEES |
---|---|---|
2.8 million | 5.7 million | 50 employees |
Although it is true that, in the first fiscal year after its incorporation, transformation or merger, companies are exempt from the obligation to be audited if they meet, at the close of said fiscal year, at least two of the three circumstances expressed in the previous section.
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