Certification of financial statements L.59 / 92

Cooperatives and their consortia are subject to annual certification of the financial statements by an auditing firm in possession of the requisites referred to in art. 15 of the law n. 59 of January 31, 1992, if at least one of the following hypotheses occurs:

• value of production exceeding € 60,000,000.00;
• indivisible reserves exceeding € 4,000,000.00;
• loans or contributions from financing shareholders in excess of € 2,000,000.00
• controlling interest in joint stock companies.

This certification is carried out by a company registered in the special register or by an auditing company authorized by the Ministry of Economic Development, which are affiliated with the recognized association, to which the cooperative companies and their consortia adhere, according to a convention approved by the same Ministry.

For cooperative companies and their consortia not belonging to any association, the certification of the Ministry of the budget is carried out by one of the auditing firms registered in a special list formed by economic development.

For cooperative companies and their consortia supervising the regions with a special statute, the certification of the financial statements is carried out by one of the auditing firms registered in the lists formed by the regions themselves.

The certification report, as a complementary act to supervision, is attached to the draft budget to be submitted for approval by the shareholders' meeting.

The certification or certification carried out by a non-contracted company may entail, limited to the appointment of the auditing company, the subjection to the management of the commissioner of the cooperative.