Internal auditing for limited company and cooperative company: obligation postponed until 2022
In order to contain the negative effects of epidemiological emergency of COVID-19 on business activities, the Decree no. 34/2020, so-called “Decreto Rilancio”, signed into law, postponed until 2022 the duty to adopte internal control or auditors for limited company and cooperative company.
This is what was provided by Budget Committee in article no. 51 bis of the aforementioned decree, which made the amendment to art. 379, paragraph 3, of the Code of Company Crisis and Insolvency. Consequently, the obligation to adopt internal control or auditors will be operative only with the approval of the financial statements for the year 2021.
Code of Company Crisis and Insolvency set up some amendments on article no. 2477 of Civil Code. For companies already set up on 16th March 2019 the deadline to fulfill this duty was due on 16th December 2019.
The so-called “Decreto Milleproroghe” had already deferred this obligation to the date of approval of the financial statements for the year 2019, set to 30 June 2020 by the “Decreto Cura Italia”.
In view of the further extension introduced by “Decreto Rilancio”, two important matters will have to be considered. The first one is linked to the position of auditors already appointed. The second one is linked to the lack of coordination with the entry into force, set for 2021, of warning system provided for by Legislative Decree 14/2019.