Audit

• Statutory Audit
• Audit Exemption
• Internal Audit

Audit in Ireland

The annual audit in Ireland is a statutory requirement for all limited companies, except for those companies who have availed of audit exemption having met the necessary criteria.

Audit Exemption

The option of audit exemption is available to some companies in Ireland where certain criteria are satisfied.  Audit exemption should be considered by the Directors of companies that meet the aforementioned criteria.

Criteria for audit exemption

For periods commencing on or after the 24th December 2006 (and periods commencing prior to 24th December 2006 and ending on or after the 24th February 2007):

• The company is a company to which the 1986 Companies Act applies; and
• The amount of the turnover of the company does not exceed €7,300,000; and
• The fixed assets plus current assets of the company do not exceed €3,650,000; and
• The average number of persons employed by the company does not exceed 50; and
• The company is not a parent undertaking or subsidiary undertaking.

In addition to the conditions above, the Annual Return of the company to which the current financial year’s accounts must be annexed, and the Annual Return to which the previous financial year’s accounts were annexed must be lodged in the Companies Registration Office before certain specified deadlines.

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