Luxembourg's Ministry of Labour, Employment and the Social and Solidarity Economy has confirmed changes to audit requirements within societal impact companies (société d'impact sociétal - SIS)
During the COVID-19 health crisis, many SIS have faced unprecedented challenges. The various financial aid schemes for businesses did not necessarily take into account the specificities of SISs. In response, the law of 16 July 2021 amending the amended law of 12 December 2016 on the creation of SISs introduces some major changes in terms of auditing.
As such, the intervention of an approved statutory auditor will only be required if the turnover of the SIS reaches a business volume or net assets exceeding €1,000,001.
Micro- and medium-sized SISs will no longer have to hire an approved statutory auditor. Medium-sized SISs will have the right to have recourse to an auditor, which will significantly reduce the costs to be incurred while micro-SISs will carry out a self-assessment.