In order to ease the administrative burden and compliance costs for small companies, the option of audit exemption is available. The detailed legislation is set out over sections 358 to 364 of The Companies Act 2014, as amended.
The exemption is available to private companies that are classified as "small". In order to be so classified, the company must satisfy at least 2 of the following criteria:
- turnover does not exceed €12 million
- balance sheet totals do not exceed €6 million
- average number of employees does not exceed 50