Selecting Auditor in Sweden

Our quality certified audits aim to improve the reliability of the financial reports of the audited company. This enhances credibility when contacting banks, suppliers, customers and authorities.

Selecting auditor in Sweden

In Sweden limited companies must select an auditor, but small limited companies are exempted from this requirement. A company is defined as a small company if it does not meet certain criterias.

What is the role of an auditor?

An auditor assesses the annual reports of a company with the aim of improving the reliability of the financial reports. You can say that an auditor’s role is to enhance credibility in the financial system.

However, an auditor does not manage the accounts or declare that the accounts are in fact correct. An auditor rather gives an opinion (the auditor’s report) with a reasonable level of assurance regarding the risk of material misstatement in the financial reports.

Audit services

  • Law enforced audits
  • Voluntary audits
  • Basic reviews
  • Reviews according to certain agreements
  • Reviews for certificates and confirmations
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The peculiarity of the Swedish audit

In Sweden we also have something that is called management audit (förvaltningsrevision). This means that in the auditor’s report it must be stated whether the auditor can or cannot recommend:

  • The proposal for allocation of the profit or loss
  • The adoption of the profit and loss account at the annual general meeting
  • The adoption of the balance sheet at the annual general meeting
  • That the board of directors and the managing director are discharged from liability.

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Q&A regarding selecting auditor in Sweden

How do you elect auditor in Sweden?

It is the shareholders that elect the auditor. This is done at the annual general meeting or at a extraordinary general meeting.

The auditor is usually appointed for one year at a time but can be assigned for a maximum of four years.

If the auditor is appointed for more than one year this needs to be stated in the articles of association.

Do you have to select an auditor in Sweden?

A limited company must elect an auditor, but small limited companies are exempted from this requirement.

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What is a small limited company in Sweden?

A small limited company is defined as a company that is not a bigger company. If a limited company, for the last two financial years, has exceeded two of the following criteria, the company is defined as a bigger company and must appoint an auditor.

  • More than three employees on average
  • More than SEK 1,5 million as a balance sheet total
  • More than SEK 3 million as a net turnover

If the limited company does not exceed two or more of the above criteria, the company is defined as a small company and does not need an auditor.

When do you not need to select an auditor in Sweden?

When the company is defined as a small limited company.

One-stop shop

Revideco is an independent one-stop shop providing a full range of services to both large and small companies. We can take care of all of your accounting needs or help you with specific areas. Let us be your strategic partner and support your business journey with professionalism and expertise.

We are a strong team of auditors, accountants and payroll administrators spread across our offices in Sweden, from north to south. Together we deliver cost effective and high-quality accounting, audit and consultancy services, which we have done since 1994.

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We have great experience and expertise from supporting local as well as international clients. We cooperate with accountants, chartered accountants, CPAs, CFOs and shared service centres from all over the world. We are accustomed to providing information on Swedish law, Swedish GAAP, and specific Swedish regulations. Our aim is to find the most efficient solution for each and one of our clients.

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Revideco is a proud member of MGI. MGI Worldwide is a network of independent audit, tax, accounting and consulting firms with offices all over the world. Together we help our clients to compete, grow and succeed on the global arena.