Bill No. 1.112 : new legal provisions for accounting and auditing

Accueil - Publications - Bill No. 1.112 : new legal provisions for accounting and auditing

The bill amending various provisions relating to chartered accountancy, statutory auditing and corporate accounts was submitted to the General Secretariat of the National Council and registered by the latter on 25 July 2025 under number 1.112.

The role of statutory auditor within Monegasque companies is one of the pillars of corporate governance. Changes in corporate practices and new requirements in terms of transparency and accountability now necessitate a targeted review of this system.

This bill aims to modernise the profession of chartered accountant and certified public accountant, as well as the functions of statutory auditor and contribution auditor, following the passing of Law No. 1.573 of 8 April 2025 on the modernisation of company law, of which it constitutes an operational and thematic extension.

The Prince’s Government emphasised its desire to enhance the transparency, accountability and attractiveness of the legal framework applicable to Monegasque companies.

The bill thus aims to complete the reform initiated by focusing on the effectiveness of statutory audits, the protection of shareholders and the strengthening of third-party confidence.

This text provides in particular for:

– strengthening the conditions for access to and practice of the profession of chartered accountant, integrating the profession of certified accountant into that of chartered accountant and redefining their responsibilities;

– supplementing the rules on incompatibilities applicable to contribution auditors and statutory auditors;

– adapting the system of criminal penalties in order to ensure a fair balance between the effectiveness of account auditing obligations and the constraints on businesses;

– introduce the concept of a ‘public interest entity’ and allow for a term of office extended to twenty-four fiscal years for auditors of such entities in order to ensure stability of control;

– to establish the obligation for certain companies known as ‘parent companies’ to prepare and file consolidated accounts. This would apply to public limited companies or limited partnerships with share capital that carry out commercial activities, as well as commercial companies, provided that they exercise exclusive or joint control over one or more legal persons or entities.

This reform will provide a coherent legal framework adapted to the contemporary international challenges facing the accounting profession and the functions of statutory auditors and contribution auditors, thereby strengthening legal certainty for companies, third parties and accounting professionals.

https://www.conseil-national.mc/2025/08/08/n1112-projet-de-loi-portant-modification-de-diverses-dispositions-relatives-a-lexpertise-comptable-au-commissariat-aux-comptes-et-aux-comptes-sociaux/

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