tilintarkastusvelvollisuus

Tilintarkastusvelvollisuus refers to the legal obligation for certain entities in Finland to have their financial statements audited by an independent auditor. This requirement is primarily established by the Limited Liability Companies Act (Osakeyhtiölaki) and the Accounting Act (Kirjanpitolaki), though other legislation may also impose this duty.

The purpose of tilintarkastusvelvollisuus is to ensure the reliability and accuracy of financial reporting, thereby safeguarding the interests of shareholders, creditors, and other stakeholders. It also contributes to the overall transparency and integrity of the business environment.

Generally, companies are subject to tilintarkastusvelvollisuus if they exceed certain thresholds for total assets, net sales, or the number of employees. These thresholds are reviewed periodically. For example, a limited liability company must have its accounts audited if, at the end of two consecutive financial periods, it has exceeded at least one of the following criteria: total assets of 100,000 euros, net sales of 200,000 euros, or an average number of employees of 3. Non-profit associations and foundations may also have a similar obligation depending on their size and activities.

The auditor, known as a tilintarkastaja, must be an independent and qualified professional, typically a Certified Public Accountant (KHT) or a Public Auditor (HT). The audit process involves examining the financial statements, internal controls, and relevant documentation to form an opinion on whether the financial statements give a true and fair view of the company's financial position and performance. The auditor then issues an audit report, which is usually appended to the financial statements.