The audit of the financial situation, annual accounts and compliance of the transactions mentioned therein with the CCA and the articles of association of a company, association or foundation must be entrusted to one or more auditors if:

• the company exceeds more than one of the thresholds (turnover, balance sheet total and FTE) set out in Article 1:24 CCA (meaning it is considered a “large company”, see the Size criteria for companies) for two consecutive years on the balance sheet date, without prejudice to any other regulatory provisions applicable to specific types of companies;

• the association or foundation exceeds more than one of the thresholds (turnover, balance sheet total and FTE) set out in Article 1:28 CCA or Article 1:30 CCA, respectively, on the balance sheet date for two consecutive years (meaning it is considered a “large association or foundation”, see the Size criteria for associations and foundations), without prejudice to any other regulatory provisions applicable to specific types of associations or foundations.

For start-up companies, non-profits, international non-profits and foundations, these figures are estimated in good faith at the beginning of the financial year. If the estimate reveals that at least two of the thresholds will be exceeded during the first financial year, this fact must be taken into account for that year.

Small listed companies, small companies that are public interest entities and companies that form part of a consolidated group (Art 141(2) CCA and Art 3:72(2) CCA) are always obliged to appoint an auditor.