Thursday, 7 February 2013

Audit Exemption & How it Works

Audit Exemption 

 A company filing its annual return may rely on audit exemption i.e relief from the requirement to have company accounts audited thereby reducing the costs of ongoing compliance significantly. This should not be confused with the ongoing requirements regarding company accounts preparation and approval for private limited companies.

There are certain criteria that apply to Audit Exemption and these are summarised as follows;  In order to benefit from Audit Exemption in respect of the financial year concerned: 

The company must be a Private Limited Company;
The turnover of the company must not exceed €8.8 million;
The balance sheet total of the company must be less than €4.4 million at the end of its financial year;
The average number of employees must not exceed 50; 
The company must not be a parent company or a subsidiary company;  


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