A statutory auditor is a person who should not be overlooked when making important decisions about a company’s finances. What does the audit performed by him consist of? For whom is it mandatory? We discuss the topic of the statutory auditor below.
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Who Is a Statutory Auditor?
Statutory auditors are public trust professionals. They are responsible for the independent and reliable assessment of a company’s financial statements. They hold special qualifications granted by the Polish Agency for Audit Oversight (Polish: PANA). They are registered on the list of statutory auditors maintained by the Polish Chamber of Statutory Auditors (PIBR).
Statutory auditors evaluate financial statements and internal control systems. They also provide expert advice on accounting matters. Their main goal is to improve the credibility of financial data. This builds trust with investors, business partners, and financial institutions.
According to the Act of 11 May 2017 on statutory auditors, audit firms, and public oversight, a statutory auditor can be:
- An individual running a business in their own name and for their own account,
- A partner in an audit firm authorised to audit financial statements,
- A person with a civil law contract or employment agreement with an audit firm.
When Is an Audit by a Statutory Auditor Mandatory?
Not every entrepreneur is required to undergo an audit. According to the Accounting Act of 29 September 1994, an audit of financial statements is mandatory for entities that meet at least two of the following three criteria:
| Criterion | Threshold |
| Total assets | 2 500 000 € |
| Net sales revenues | 5 000 000 € |
| Average annual employment | 50 people |
The EUR amounts must be converted into PLN based on the average NBP exchange rate on the balance sheet date.
Entities required to undergo an audit include:
- joint-stock companies,
- banks and insurance companies,
- investment funds,
- entities benefiting from public subsidies above 3 000 000 PLN,
- other entities that opt for a voluntary audit.
How Does a Statutory Audit Work in Practice?
A statutory audit consists of several stages:
- Audit Planning. The auditor analyses the entity’s structure, risks, and areas requiring special attention.
- Preliminary Audit. It includes a review of documents and verification of accounting systems and procedures.
- Main Audit. The auditor analyses in detail financial data, performs reliability tests, and evaluates the validity of disclosed information.
- Issuing the Auditor’s Opinion and Report. Auditor provides an opinion on the accuracy and legal compliance of the financial statements.
An audit may end with an unqualified opinion or a qualified opinion. Sometimes, the auditor may refuse to issue an opinion. In some cases, a negative opinion is also a possible outcome.
Voluntary Audit – When Is It Worth Considering?
Even if an audit is not legally required, it may be beneficial in the following situations:
- preparing the company for sale,
- applying for a loan or investor funding,
- increasing the company’s transparency for contractors,
- the intention to organise internal financial documentation.
A voluntary audit by a statutory auditor can significantly increase the company’s credibility. It can alsofacilitate its future development.
How to Choose a Statutory Auditor?
Choosing the right auditor is a crucial decision. Before signing a contract, check:
- Whether the person is listed in the Polish Chamber of Statutory Auditors (PIBR),
- Their experience in the relevant industry,
- Their references and certifications,
- Whether they offer clear terms of cooperation and a transparent schedule.
Statutory Auditor – Summary
A statutory auditor is important for companies that want to operate transparently and by the law. Their services increase the company’s credibility. Moreover, they help detect irregularities and minimise financial risk. Whether mandatory or not, a financial audit should be performed by a trusted expert.
Consult a Professional Auditor!
Don’t wait – ensure financial transparency today. Contact us to find out whether your company requires a financial statement audit. A professional audit is not a cost – it’s an investment in the future of your business.
Frequently Asked Questions About the Statutory Auditor
1. Who is a statutory auditor?
A professional registered with the Polish Chamber of Statutory Auditors, authorised to audit financial statements.
2. Does every company need to use the services of a statutory auditor?
No – this obligation applies only to entities that meet certain statutory criteria.
3. What does a statutory audit involve?
It includes analysing financial data, internal controls, and compliance with regulations.
4. Is a statutory audit the same as a tax inspection?
No – an audit is an independent evaluation by a professional, not by a government tax official.
5. How long does it take to audit financial statements?
From a few weeks to a few months, depending on the size and complexity of the company.
6. Can I choose my own statutory auditor?
Yes, in the case of a voluntary audit or the absence of specific internal regulations.
7. How much does the audit service cost?
It varies based on company size, audit scope, and the auditor’s experience. It usually takes from several thousand to tens of thousands of PLN.
8. Where can I find the list of statutory auditors?
Polish Chamber of Statutory Auditors (PIBR) website.
9. What are the consequences of not conducting a required audit?
Possible administrative penalties, management liability, and loss of credibility with partners and banks.
10. Does a sole proprietorship have to use the services of a statutory auditor?
No – unless it meets specific statutory criteria (e.g. conducts large-scale business and is subject to the Accounting Act).