When is an audit mandatory
Most small companies in Spain do not need an audit. These are the cases in which they do, and how it is worked out.
Reviewed on
| Threshold | Amount | Rule |
|---|---|---|
| Total assets | €2,850,000 | Art. 263 LSC |
| Net turnover | €5,700,000 | Art. 263 LSC |
| Average number of employees | 50 | Art. 263 LSC |
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For guidance only: it only applies the thresholds of article 263. There are other cases in which an audit is mandatory; this guide explains them.
The general rule
A company must be audited when, for two consecutive years, it exceeds at least two of the three thresholds at each year end. Likewise, the obligation ends when it does not exceed at least two of them for two consecutive years.
Other cases
Shareholders holding at least 5% of the capital can ask the Companies Register to appoint an auditor for the last financial year (article 265.2 of the Spanish Companies Act).
Law 22/2015 and its regulation require other entities to be audited because of their activity, such as those receiving public grants or contracts above the thresholds those rules set, and the laws on foundations and cooperatives have their own rules.
The articles of association or a resolution of the general meeting can also require an audit.
The thresholds may change
Delegated Directive (EU) 2023/2775 raises company size thresholds and Spain has yet to transpose it. Before deciding, check it with your figures: we will work it out for you, without obligation.
Laws cited
Sources: Royal Legislative Decree 1/2010, Spanish Companies Act, articles 263 and 265; Law 22/2015 on Auditing. This guide is for information only; for advice on your specific case, please contact us.
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