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Audit Exemption

Find out if you are eligible for an audit exemption.

Audit Exemption FAQs

Find out more about your audit exemption eligibility, learn about the limitations that might apply, and get answers to your queries in our FAQs. If you have specific questions related to your business, contact us to speak in confidence to a member of our team.

What types of companies can qualify for an audit exemption?

  • Public limited companies (PLC) 
  • Public Unlimited companies (PUC)
  • Public unlimited companies without share capital (PULC)
  • Limited companies (LTD)
  • Designated Activity Companies (DAC)
  • Company limited by guarantee (CLG)
  • Non-designated private unlimited companies (ULC)
  • Designated private unlimited companies  (ULC)

How is a company deemed to be eligible for an audit exemption?

Your company will be eligible for an audit exemption if it meets at least two of the following requirements:

  • Turnover does not exceed €12 million.
  • A balance sheet that does not exceed €6 million.
  • An average number of employees that do not exceed 50

What do I need to do to get audit exemption status for my company?

To obtain an audit exemption, your company’s balance sheet must contain a declaration from the company’s directors stating the business qualifies for the exemption. You must also declare your exemption claim on your annual return.

We can help with this process at Gilroy Gannon to ensure your audit exemption is properly declared and successfully obtained. Contact us to learn more.

Can a company lose its audit exemption status?

A company can lose its audit exemption status because of turnover, balance sheet, or the number of employees, i.e. if it no longer meets the specified requirements in any of these three areas.

Additionally, companies can lose their audit exemption status if their annual return is filed late. Eligibility for the exemption is lost for two years in the case of a late filing.

Are there any other companies that can claim an audit exemption?

Companies Limited by Guarantee can claim audit exemption unless an audit is requested by one member. A company with Charitable Status can also claim audit exemption (unless requested by one member) so long as its turnover is below €100,000 per annum.

Audit Exemption +
We can help with your audit exemption requirements as a standalone service, but you could also benefit from the wide range of other financial, tax, and business advisory services that we also offer. Contact us to discuss a customised support package with a member of our team.

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