Statutory Auditor

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In the recent past, only large limited companies registered at the Register of Commerce as Spa were subject to the obligation to obtain an annual audit report on their financial statements from a Statutory Auditor, appointed by the General Shareholders Assembly for three fiscal years.

The 2005 additional Finance Act, in its article 12 states that, the General Shareholders Assembly of limited companies, registered under Algerian law as Sarl or Eurl must appoint, for a period of three fiscal years, one or more Statutory Auditor. The Statutory Auditor is selected among professionals registered with the association of Algerian Chartered Accountants and Statutory Auditors, in order to audit the annual financial statements, beginning of 2006 fiscal year.

The Eurl is also a limited company, which is defined by the Algerian law as an Sarl with a single shareholder. It is therefore mandatory for the Eurl to apply the article 12 of the 2005 additional Finance Act.

All these companies are required to appoint an external auditor (two in some cases) , independently from the total amount of the capital, the balance sheet total, and / or the total revenue.
Refusing to appoint an auditor by the General Shareholders Assembly or the CEO's or by the directors represents an offense punished by the law.

The terms of appointing a Statutory auditor in limited companies are specified in the Decree 06-354 of October 9, 2006.

If your business is a corporation registered as a limited company (Spa, Sarl or Eurl), we can help you fulfill your legal obligations.

Feel free to contact us.

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