Statutory Audit in Malta
We carry out statutory audits of Malta companies and confirm which reporting requirements apply.
- Auditing and Accountancy warrant held since 2017
- Audit exemption confirmed for you
- Review report option under tax law
You will speak with Andrew Fenech
Why Borg Galea
More than the audit
Accounting, tax, corporate, regulatory and maritime work through the same relationship.
A firm of 115+ people
We have grown from two people at the 2017 founding to 115+ at Borg Galea.
A team in Birkirkara
The team works from our office at Centris Business Gateway, Birkirkara.
“Borg Galea & Associates have always managed to exceed our expectations in terms of quality of service. Very professional, friendly team who is always there to help. Reliable, meticulous in their work, and deliver on time. Highly recommended.”
Natalie Vella WrightDirector – Billboard Connection- Borg Galea is a member of FinanceMalta, IFSP, MIA, MIT and MEA.
What is your audit situation?
- 01
Your annual audit
Send your year-end, the state of the accounts and any reporting deadline. We discuss the audit scope with you.
- 02
Changing your auditor
Tell us the last year your current auditor finished and what remains open. We discuss the appointment and the handover.
- 03
Earlier years still open
List the unaudited years and any missing records. We work out where to start and plan the years in order.
Before the audit starts
- 1
Talk through the company
We talk through your company, the periods involved and any deadline or handover.
- 2
Records and reporting requirements
We check the records available and confirm what must be audited, separately from any accounts preparation.
- 3
A written proposal
You receive the scope and fees in writing, and we agree timing once we have assessed the work.
What a statutory audit in Malta involves
Nearly every Malta company must appoint a statutory auditor unless it qualifies for an exemption under the Companies Act. The shareholders appoint the auditor, usually at the annual general meeting where they also approve the accounts. The audit is carried out under International Standards on Auditing.
The requirement also reaches shipping companies. Companies under the Merchant Shipping Act must file audited financial statements, on terms that parallel those for private limited liability companies under the Companies Act. For any statutory financial audit, the records your team prepares may include draft financial statements, a trial balance, ledgers, bank statements, invoices, agreements and prior-year audited accounts. The audit covers the financial statements only, so other statutory compliance, such as the annual return, stays a separate matter.
Who you will work with
The audit team below plans the work with you and handles any auditor handover.
Nathaniel Borg
Audit Director & Co-Founder
Tatiana Muscat
Audit Manager
Andrew Fenech
Questions about your statutory audit
Does every company need a statutory audit?
Not always. Under the Companies Act (Cap. 386), art. 185(2), a private company is exempt if, on its balance sheet date, it stays within at least two of three limits: a €46,600 balance sheet total, €93,000 turnover and an average of two employees. A change in size takes effect only after two consecutive accounting periods.
What about the audit report for tax?
Tax law has its own requirement. For periods beginning on or after 1 January 2025, an exempt company within two of the limits meets it with a review report, and one within all three without an audit (L.N. 139 of 2025). Exceptions apply, so we confirm your position, including any requirement from a lender, investor or group auditor.
What does the audit involve?
We plan around your business and reporting requirements, examine the financial statements and evidence, and discuss findings with your team. The opinion reflects the work performed and evidence obtained; filing support is agreed separately.
How are fees and timing agreed?
We look at the company, the years involved and the records available. Pricing is agreed in advance in a personalised written proposal, with no hidden charges, and timing follows once we have assessed the work.
Plan your statutory audit
Tell us the company, the years involved and who holds the records.
You will speak with Andrew Fenech