Who Must Undergo Financial Statement Audit?

The obligation to audit financial statements stems from accounting law and affects certain entities. The list does not depend solely on size or legal form — there are certain exceptions and rules.

Entities Always Obligated (Regardless of Limits)

Some entities ALWAYS must undergo audit, regardless of revenue or employee count:

• Banks and cooperative banks
• Cooperative savings and credit unions (SKOK)
• Financial institutions (finance companies, leasing firms)
• Insurance and reinsurance companies
• Joint-stock companies (S.A.)
• Listed companies

Three-Threshold Criterion for Other Firms

For limited liability companies, partnerships, and civil associations, audit obligation depends on meeting at least TWO of three criteria:

Three Characteristics in Three-Threshold Criterion

Characteristic	2026 Limit	Base (EUR)
Total Assets	13,208,437.50 PLN	Minimum 7.5 million EUR
Revenue from Sales (net)	26,416,875 PLN	Minimum 15 million EUR
Average Number of Employees	250 employees	Does not change

If company met at least TWO of three characteristics, it must undergo audit for previous fiscal year. Exceeding limits in prior year determines audit requirement.

Practical Example

LLC had in 2025: assets 10 million PLN, revenue 25 million PLN, 180 employees. Meets 2 characteristics (revenue exceeds limit, assets below). Must undergo audit for 2025 in 2026.

2026 Limits — Exchange Rate Conversion

Limits change yearly. For 2026 they were converted at average NBP rate from end of 2025, which was 4.2579 PLN per EUR.

Audit Procedure and Timeline

Financial statement audit is structured process with specific sequence and timeline.

Step 1: Approval by Competent Authority

First, financial statement must be approved by competent company authority (management board, shareholder assembly).

Step 2: Auditor Selection

Auditor is selected by authority approving statement — important! This is shareholder assembly or supervisory board, not manager.

Step 3: Audit Contract

Agreement signed with selected audit firm. Should include:

• Scope of audit
• Auditor work schedule
• Audit costs and payment terms
• Company obligations toward auditor

Step 4: Conducting Audit

Auditor conducts audit per audit standards. May take weeks to months depending on company size. Auditor has right to:

• Access all documents and accounting records
• Conduct asset inventories
• Interview employees and directors
• Obtain confirmations from banks and vendors

Step 5: Auditor Opinion

After audit completion, auditor issues opinion. Can be:

• Unqualified Opinion — statement is reliable and complies with law
• Qualified Opinion — minor inaccuracies but statement essentially correct
• Negative Opinion — significant errors or fraud
• Disclaimer of Opinion — auditor lacks sufficient information

Financial Statement Audit Costs

Cost depends on several factors and is not standardized. Approximate ranges:

Typical Polish Costs (2026)

Company Size	Annual Revenue	Estimated Cost
Microenterprise	2-5 million PLN	2,500 - 5,000 PLN
Small Enterprise	5-15 million PLN	4,000 - 8,000 PLN
Medium Enterprise	15-50 million PLN	8,000 - 15,000 PLN
Large Enterprise	50+ million PLN	15,000 - 30,000 PLN+

Factors Affecting Cost

• Number of branches and locations
• Capital structure complexity
• Number of transactions and operations
• Documentation quality and audit readiness
• Audit speed required

Importance of Financial Statement Audit

Audit is not just legal requirement but guarantee for investors, lenders, and business partners. Auditor opinion confirming statement reliability opens access to financing and international cooperation.

Related Articles

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• Financial Statement 2026 — Deadlines and Documents