Audit in Macedonia
The New Audit Law has been in operation since December 2010. The adoption of the law relating to audit in Macedonia has created an audit environment similar to that of most Western-developed countries.
The Company Law specifies the entities which are obliged to submit financial and accounting statements for a statutory audit:
Large and medium shareholder entities
Large and medium entities with limited liabilities
The Audit Law also enables businesses to undergo voluntary audits.
The Audit Law requires audit to be performed by an Audit company registered with the Central Register or otherwise by a certified auditor that operates as a sole proprietor in accordance with the Company Law.
Entities are classified as follows:
|Criteria||Small trader establishment||Small business company||Medium-sized Large company|
|Average number of employees||< 10||< 50||< 250|
|Annual incomes (EUR)||< 50,000||< 2,000,000||< 10,000,000|
|Total assets (EUR)||...||...||...|