The financial statement audit 2025 is one of the main elements of a company’s internal control system. In 2025, many companies will have such an obligation. This is because it applies to both large capital companies and non-profit organizations. What does it look like and what are its practical aspects? We answer below.
Table of Contents
- What is a Financial Statement Audit?
- Entities Subject to Mandatory Audit – Who Must Conduct a Financial Statement Audit 2025?
- Who Conducts the Financial Statement Audit 2025?
- What Does the Audit Procedure Look Like?
- Why consider a financial audit part of your management strategy?
- Financial Statement Audit 2025 – Summary
- Frequently Asked Questions about Financial Statement Audit 2025
What is a Financial Statement Audit?
A financial statement audit is a process conducted by an independent statutory auditor. Its goal is to assess whether the financial data comply with accounting regulations (especially the Accounting Act of 29 September 1994), the adopted accounting policy, and the actual state of affairs.
The auditor verifies not only the figures. He also verifies source documentation, accounting procedures and internal controls. He focuses on the entire accounting structure of the entity. The final result of the process is an audit opinion. It is enclosed to the annual financial report and often published in the Court and Economic Monitor.
Entities Subject to Mandatory Audit – Who Must Conduct a Financial Statement Audit 2025?
According to the Accounting Act of 29 September 1994, the audit obligation applies to:
- joint-stock companies (except those at the stage of organisation),
- entities continuing their operations after transformation into a capital company,
- banks, insurance companies, investment funds,
- other entities that, in the previous two fiscal years, met at least two of the following three criteria
| Criterion (data for the financial year) | Threshold (euro) | PLN Equivalent (NBP rate as of 31.12.2024)* |
| Average annual employment (FTEs) | > 50 people | – |
| Total balance sheet assets | > 2,500,000 EUR | ~11,500,000 PLN |
| Net sales revenues | > 5,000,000 EUR | ~23,000,000 PLN |
* Conversion rates are determined following the Accounting Act of 29 September 1994.
Note: The threshold should be assessed based on data from the last two financial years. If the condition is met in both years, the audit becomes mandatory.
Who Conducts the Financial Statement Audit 2025?
An audit may only be carried out by a licensed statutory auditor. Such a person can act independently or as part of an audit firm registered with the Polish Agency for Audit Oversight. The auditor must be selected before the end of the fiscal year to which the audit relates.
Rules for the selection of the auditor:
- The approving body (e.g. shareholders’ meeting) appoints the auditor through a resolution.
- In the case of public interest entities, a tender is obligatory.
- A written audit agreement must be concluded, specifying the scope and deadline.
What Does the Audit Procedure Look Like?
The financial statement audit typically involves the following stages:
- Initial audit planning – analysis of the unit, environment and risks.
- Interim audit – control of accounting procedures and systems.
- Final audit – a detailed analysis of financial data.
- Preparation of the auditor’s report, including:
- Opinion on the financial statement,
- Additional report (for the supervisory board),
- Possible objections.
The audit checks if accounting records follow regulations. It reviews the company’s accounting policies. It also examines key balance sheet items. Moreover, auditors confirm balances and verify source documents.
Why consider a financial audit part of your management strategy?
Beyond legal requirements, a financial audit serves advisory and control functions. For management and owners, it can be a valuable source of insights into:
- effectiveness of the accounting system and document flow,
- operational and tax risks,
- recommendations for organizational improvements.
In addition, the auditor’s opinion builds trust with external partners. For example, banks, investors, customers, as well as tax authorities.
Financial Statement Audit 2025 – Summary
In 2025, many business entities will be required to audit their financial statements. Exceeding limits for employment, assets, or revenue triggers an audit obligation. This is connected with ensuring financial transparency. It is worth remembering that an audit can also be an important tool for improving the efficiency of the entity’s operations.
Prepare for the audit in advance!
Don’t wait until the end of the year! If your entity is approaching financial thresholds, contact us today. Early preparation for the audit will facilitate cooperation with the statutory auditor. It will also shorten the duration of the procedure and reduce the risk of formal errors.
Frequently Asked Questions about Financial Statement Audit 2025
1. What is the difference between a financial review and an audit of financial statements?
These are synonymous terms — both refer to actions performed by a statutory auditor.
2. Does every limited liability company have to conduct an audit?
No. The obligation applies only to companies that have exceeded the statutory limits.
3. Who can be a statutory auditor?
A person registered with the Polish Agency for Audit Oversight (Polish: PANA institution).
4. Do foundations also need to conduct audits?
Yes — if they conduct business activities and meet the statutory thresholds.
5. When should the agreement with the auditor be signed?
Before the end of the financial year to which the audit relates.
6. What documents do I need to prepare for the audit?
Accounting books, turnover statements, commercial contracts, and accounting policy.
7. Can failure to conduct an audit lead to criminal liability?
It may result in liability for board members for violating the Accounting Act.
8. How long does it take to audit the financial statements?
Depending on the size of the entity, from a few weeks to a few months.
9. Can the statutory auditor be changed?
Yes, provided the principles of continuity and transparency are upheld.
10. Can the statutory auditor issue a negative opinion?
Yes — in cases of significant discrepancy or lack of sufficient audit evidence.