Audit Exemption

Part 6 – Financial Statements, Annual Return and Audit

The requirements for an audit exemption were up until now set out in Sections 32, 32A, 33 of the C(A)(No 2)A 1999. Now they are set out in Section 358 et seq (link).

There is one new section (Section 364) which states that a holding company and its subsidiaries are not entitled to avail themselves of the audit exemption unless their annual returns have been filed correctly with the CRO. The old law said that a holding company was simply not entitled to avail itself of the audit exemption.