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:
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.
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.