Accountancy in the Republic of Ireland

>> Audit Requirements in the Republic of Ireland

Requirements and Thresholds

All companies are statutorily required to have their financial statements audited by an independent auditor unless they are eligible for and choose to avail of audit exemption.

The audit exemption criteria are as follows:

  • A company must qualify as a “small company” for the purposes of claiming audit exemption.

For current and previous years, companies must have filed their annual returns on time and have met 2 of the following threshold criteria: Turnover <€12m; Balance Sheet Total <€6m; Average no. of employees <50.

  • Where a company is part of a group they can only avail of the exemption provided the group meets the “small group” criteria.

All Irish registered companies in the group must have filed returns on time and the group taken as a whole meets 2 or more of the following criteria (in current and previous year): – Turnover of the group <€12m after elimination of intra-group balances or €14.4m before elimination of intra-group balances; Balance Sheet Total <€6m after the elimination of intra-group balances or €7.2m before elimination of intra-group balances; Average no. of employees of the group <50.

  • Dormant Companies, Companies Limited by Guarantee and Unlimited Companies, are also eligible for audit exemption provided that Companies Limited by Guarantee and Unlimited Companies meet the above criteria and dormant companies meet the ‘’dormant’’ company criteria: Annual returns filed on time in current and previous years
  • The company had no significant accounting transaction in the year
  • The company’s assets and liabilities comprise only permitted assets and liabilities.

 


Latest version updated 5th April 2019

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