French Commercial code
In forceThe non-trading private legal entities with an economic activity, mentioned in article L. 612-1, are required to draw up annual accounts and to appoint at least one statutory auditor and one alternate auditor when, at the end of the calendar year or at the close of the financial year, they exceed the figures set out below for two of the three following criteria:
1° Fifty for the number of employees; the employees taken into account are those who are linked to the legal entity by an employment contract of indefinite duration; the number of employees is equal to the arithmetical average of the number of employees at the end of each quarter of the calendar year or of the financial year when this does not coincide with the calendar year ;
2° 3,100,000 euros for the amount of turnover or resources excluding tax; the amount of turnover excluding tax is equal to the amount of sales of products and services related to current activity; the amount of resources is equal to the amount of subscriptions, grants and income of any kind related to current activity;
3° 1,550,000 euros for the balance sheet total; this is equal to the sum of the net amounts of assets.
The legal entities mentioned in the first paragraph are no longer required to draw up annual accounts when they do not exceed the figures set for two of the three criteria defined above for two successive financial years. The mandate of the statutory auditor is terminated under the same conditions by the deliberative body called upon to rule on the annual accounts.
The provisions of this article relating to the drawing up of annual accounts or the appointment of a statutory auditor apply without prejudice to the regulatory provisions specific to certain forms of legal entity falling within one of the categories mentioned in article L. 612-1.
