L.59/92 Budget Certification
The certification requirement for cooperatives and consortia
Cooperatives and their consortia are subject to annual certification of the financial statements in accordance withart. 15 of the law of 31 January 1992, n. 59, if they exceed certain dimensional thresholds:
Value of production
higher than €60,000,000.00
Indivisible reserves
higher than €4,000,000.00
Loans or contributions from financial partners
higher than €2,000,000.00
Controlling participation in public limited companies
This certification is carried out by a auditing firm authorized by the Ministry of Economic Development. For cooperatives and consortia that belong to a recognized association, the certification will follow the agreement scheme approved by the Ministry itself. For cooperative companies and their non-member consortia to any recognized association, the certification of the financial statements is carried out by one of the auditing firms registered in a special list formed by the Ministry of Economic Development.
Full review
The certification of the financial statements and the verification carried out in compliance with statutory obligations.
Supervisory bodies
The certification report, as a complementary act to the supervision, is attached to the draft financial statements to be submitted for approval by the shareholders' meeting.
Commissioner management
The lack of certification or certification carried out by unauthorized companies may determine the commissioning of the auditing firm, subject to the management of the cooperative's commissioner.
Why Reviprof
Regulatory compliance
Guarantee that the certification is carried out in full compliance with Law 59/92 and the Assirevi scheme.
Ministerial authorization
Qualified partner authorized by the Ministry of Economic Development.
Maximum authority
Certification and final judgment that ensure credibility and compliance with legal obligations.
Risk prevention
Legal review helps the client identify and prevent risks that could harm the company.
