The requirement to have a regular audit applies to general partnerships, limited partnerships, limited companies and co-operatives. Sole traders, i.e. firms and entrepreneur professionals do not need to appoint an auditor.
However, according to the Finnish Audit Act, an auditor does not need to be appointed in small businesses, if no more than one of the following has been fulfilled in the last accounting period and the period that immediately preceded it:
1) the total sum of the balance sheet exceeds EUR 100,000
2) net sales or the corresponding income figure exceeds EUR 200,000 or
3) on average, there are more than three employees.
Thus, an audit is mandatory in those companies and co-operatives where the limit(s) given above are exceeded. A provision concerning the use of an auditor can be included in the articles of association, regulations or memorandum of association for a new enterprise, even when the law does not require the use of an auditor. However, if you do not wish to appoint an auditor, there is no point in including provisions about the use of an auditor.
If an auditor is appointed by virtue of the law or voluntarily, an approved auditor must be appointed, i.e. a chartered accountant (KHT or HTM) or a firm of chartered accountants (KHT or HTM). Further information is available from:
