On 30 October 2026, EY Poland released a comparative analysis distinguishing between a statutory audit (audyt) and a financial review (badanie sprawozdania finansowego) for family foundations. The article clarifies the legal basis, scope, frequency, and qualified performers for each procedure under the Family Foundations Act and the Act on Statutory Auditors. This distinction is vital because confusing the two can lead to non-compliance, missed deadlines, and potential liability for foundation board members. The piece also outlines the consequences of failing to conduct the required audit.
Key Takeaways
- Legal Basis & Scope: A statutory audit is mandatory under the Family Foundations Act and covers the entire financial statement, while a financial review is a narrower engagement often voluntarily commissioned.
- Frequency & Timing: Statutory audit required at least once every four years; financial reviews can be performed annually or as needed by stakeholders.
- Qualified Performers: Only a registered statutory auditor (biegły rewident) can perform the statutory audit, whereas a financial review may be conducted by a certified accountant or audit firm.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
Source: Read Official Announcement