Limited Review of Annual Report
An engagement performed by a Sworn Auditor with a narrower scope of procedures than an audit, including the verification of corporate income tax amounts.
Who is this service for?
A limited review is mandatory for small companies not subject to an audit whose indicators exceed two of three thresholds for two consecutive years:
- balance sheet total EUR 500,000
- net turnover EUR 1,000,000
- average number of employees 25
It typically applies to growing small companies that have crossed the review thresholds but not yet the audit thresholds. A small company may also choose a full statutory audit instead.
What does the limited review include?
- understanding the business and identifying significant risk areas
- analytical procedures and inquiries of management and accountants
- review of the information presented in the annual report
- verification of corporate income tax amounts
- the auditor’s review report
How does the engagement work?
We start with a discussion about the situation and deadlines, agree on documents and prepare an individual proposal. A limited review generally involves fewer procedures than an audit, and most of the work can be performed remotely.
Pricing is agreed individually based on the company’s activities, the scope of the engagement, information availability and deadlines.
Frequently Asked Questions
When is a limited review mandatory?
For small companies exceeding two of three thresholds for two consecutive years: EUR 500,000 (balance sheet), EUR 1,000,000 (turnover), 25 employees — unless subject to a statutory audit.
Can a company choose an audit instead?
Yes. A small company may choose a full statutory audit instead of a limited review — for example, where a bank or the owners expect it.
Does the review cover corporate income tax?
Yes. The limited review includes the verification of corporate income tax amounts.
Need this service?
Contact us — we will assess the situation and prepare an individual proposal.