Many Companies now qualify for the audit exemption and quite a few are availing of the opportunity to reduce their audit & accountancy fees. In order to qualify for the audit exemption there are 3 main conditions to be fulfilled.
1. Turnover must be less than €7.3m per annum
2. Gross Assets must be less €3.65m
3. The number of employees must be less than 50
All 3 conditions must be met for the accounting period, and for the preceding accounting period, in order for the exemption to apply.
Companies should also be aware that filing obligations with the CRO must be satisfied in order to qualify for the exemption.
For further information please contact us or visit the Companies Registration Office at www.cro.ie