Financial Crimes Auditing Procedures Tightened in Poland

Government Takes Step to Combat Financial Malfeasance

WARSAW, POLAND - In a significant move to crack down on financial crimes and ensure transparency in business operations, the Polish government has reinforced its auditing procedures for capital groups and other entities.

Key Provisions of the New Auditing Procedures

• Annual Consolidated Financial Statements: Banks, insurance establishments, and reinsurance companies are subject to rigorous audit and publication.
• Joint-Stock Companies: Those with a significant number of employees or assets exceeding a certain threshold must undergo auditing and publish their financial statements.
• Limited Liability Companies: Entities meeting at least two out of three conditions in the previous financial year will be audited, including:
  • Average annual employment of 50 persons
  • Total balance sheet assets exceeding EUR 2.5 million
  • Net revenue from sales and financial transactions exceeding EUR 5 million

Impact on Businesses and Compliance

The tightened auditing procedures are seen as a major step forward in fighting financial crimes in Poland, which has been struggling to combat money laundering and other forms of financial malfeasance.

For businesses operating in the country, this means a more transparent and accountable environment. To ensure compliance with these new regulations, companies can seek audit services or guidance from reputable firms like BPG - a leading accounting firm in Warsaw.

Contact Information for Compliance Support

If you’re seeking audit services or guidance on complying with these new regulations, contact BPG at bpg-warszawa@bpg.pl for more information.