Statutory auditors are responsible for certifying the financial statements of many types of company. Find out how this applies to SASU.
A statutory auditor, or CAC, is a person from outside a company who is responsible for verifying the accuracy and reliability of the company's annual financial statements.
These accounts must be presented in compliance with current legislation, and the company must be able to provide proof of each transaction.
However, the skills of the CAC do not authorize him to exercise his function in a company for whichhe already works in parallel, as he has an obligation of independence.
This function is regulated by Article L233-16 of the French Commercial Code, which stipulates that the statutory auditor may not intervene without prior request from the company.
Thus, it is necessary for the structure's associates representing at least 10% of the share capital to call on him.
The role of the appointed statutory auditor is to write a report highlighting any anomalies or irregularities in the company's accounts.
This is true not only if the irregularities are deliberate on the part of the contractor, but also in the case of simple error.
This report will be submitted to the company's management and, in the event of serious fraud, to the public prosecutor for investigation.
Finally, the statutory auditor presents his conclusions to the shareholders at the Annual General Meeting. There are essentially three possible types of conclusion for such a report.
The statutory auditor may issue an unqualified opinion if the accounts are in order, a qualified opinion if there is a minor problem with the accounts, or a refusal to certify if the accounts do not comply with accounting standards and do not reflect the company's image.
There are several cases in which a SASU (Société par actions simplifiée unipersonnelle) is obliged to appoint a statutory auditor.
For example, if a SASU has sales of over 8,000,000 euros excluding VAT at the close of its financial year, an auditor will be required to carry out an audit. This appointment also applies if the SASU's total assets exceed 4,000,000 euros , or if it has an average workforce of over 50 employees.
What's more, in addition to exceeding certain thresholds that require the services of a statutory auditor, a SASU must also call on the services of a statutory auditor if it controls one or more other companies, or if it is itself controlled by one or more companies.
If your SASU needs to appoint a statutory auditor, your company's shareholders' meeting will be asked to draw up minutes naming the statutory auditor and his or her deputy(s).
These names must be chosen from the list of statutory auditors drawn up by the commercial court clerk's office or by the Compagnie Nationale des Commissaires aux Comptes.
You will also need to assemble a number of other documents, including the M3-A form from the Commercial Court. Then all you have to do is publicize the appointment in a legal gazette, and submit a file to your CFE.
The cost of such a service usually varies considerably, generally in the region of a few thousand euros. In any case, far less than the legal penalties for failure to appoint a statutory auditor. Fraudsters risk two years' imprisonment and a fine of 30,000 euros.
Don't forget that a statutory auditor may be required for a SASU!
Written by our expert Audrey Nouvel
November 23, 2017
