According to Order 1802/2014, entities which, at the balance sheet date, exceed the limits of at least two of the following three criteria are subject to audit:
a) total assets: EUR 3,650,000;
b) net turnover: EUR 7,300,000;
c) average number of employees during the financial year: 50.
The audit obligation applies when companies exceed these limits in two consecutive financial years.
In addition, the entities concerned are exempted from the obligation to audit the annual financial statements if the limits of two of the three criteria mentioned are not exceeded in two consecutive financial years.