Audit and publication of financial statements
The Commercial Code also contains additional requirements for the audit and
publication of financial statements of all limited companies and of partnerships
in which no natural person ultimately carries unlimited liability.
Thus, the GmbH & Co. KG (see section F), in which the unlimited, general partner’s share
is held by a GmbH, is subject to an audit and publication requirement. These
rules also describe in more detail the accounting principles to be applied. These
rules also apply to very large partnerships and sole traders.
From the point of view of the audit and publication of financial statements,
companies are categorised into small, medium-sized or large. A small
company is one not exceeding any two of the three criteria: a) annual sales of
€9,680,000, b) balance sheet total of €4,840,000 and c) 50 employees.
A medium-size company does not exceed any two of the following three criteria:
a) annual sales of €38,500,000, b) balance sheet total of €19,250,000 and c)
250 employees. A company changes its status when it has met or fallen below
the respective criteria for the second consecutive year.