Financial Statements Certification pursuant to Law 59/92
Certification Requirement for Cooperatives and Consortium
Cooperatives and consortium are required to have their financial statements certified annually pursuant to art. 15 of Law 59/92, when they exceed one out of the following three thresholds:
Production value (A)
exceeding € 60.000.000,
Indivisible reserves
exceeding € 4.000.000,00
Loans or contributions from financing members
exceeding € 2.000.000,00
Controlling participation in joint-stock companies
This certification can only be issued by an audi firm authorized by M.I.S.E. (Ministry of Economic Development), such as REVIPROF.
Full Audit
The audit of the financial statements and the audit conducted in compliance with legal requirements and the ISA auditing principles.
Supervisory Bodies
The certification report, as an additional document to the supervisory process, is attached to the financial statements to be submitted for approval by the shareholders’ meeting.
Administration by the Court
Failure to certify, or certification performed by unauthorized companies, may result in the company being audited to be placed under special administration by the Court.
Why REVIPROF
Regulatory compliance
Guarantee that the certification is performed in full compliance with the provisions of Law 59/92.
Ministerial authorization
Qualified partner authorized by M.I.S.E (Ministry of Economic Development).
Ensure Reliability
Certification and final assessment of the financial
statements ensure credibility and compliance with
legal requirements.
Risk prevention
The statutory audit helps the client to identify and prevent risks that could harm the company.
