Dormant Company Audit Exemption

Where a group is not ‘small’ and therefore fails to qualify for the group audit exemption, any dormant companies within the group may possibly avail of an audit exemption known as the ‘dormant company audit exemption’ which is outlined in Section 365. There are certain conditions that dormant companies must meet in order to be…...

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Small Group Audit Exemption

A ‘small’ group may now also avail of the audit exemption if the parent company, together with all of its subsidiaries, satisfies two out of three of the same criteria set out above. This is a significant change for small groups which previously had to have an audit due to being part of a group…....

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Companies Limited by Guarantee

Previously a guarantee company could not avail of the audit exemption even where it technically met the conditions to be a ‘small’ company. However, Section 1173 of Part 18 of the Act applies the requirements of Parts 1 to 14 (volume 1) to guarantee companies. Certain sections of volume 1 are disapplied or modified by…...

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Small Company Audit Exemption

Where the directors decide to avail of an audit exemption for a particular financial year they must meet certain criteria which are outlined in Section 358. These are: that they are of the opinion that the company qualifies as a small company in which case it must satisfy at least two of the conditions outlined…...

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Introduction to Audit Exemption

A principal rule of the Act is that the directors of a company shall arrange for the statutory financial statements of the company for the financial year to be audited by statutory auditors unless the company is entitled to, and chooses to avail of, an audit exemption (Section 333). Under previous legislation, only particular types…...

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