Find out if you’re eligible for an audit exemption
Audit Exemptions F.A.Q.
We have put together a Frequently Asked Questions to answer your audit eligibility and limitations queries.
What companies qualify for 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 audit exemption?
A company is eligible 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 does a company need to do to avail of audit exemption?
For a company to avail of audit exemption, the company’s balance sheet must contain a declaration to that effect made by the company’s directors, and the annual return itself must declare that an exemption is being claimed.
Apart from losing eligibility because of turnover, balance sheet or employees, is there any other reason companies would be deemed ineligible?
Audit exemption for Irish companies can be lost if their annual return is filed late. If it is filed late, they lose their eligibility for two years.
What other companies may claim audit exemption?
Companies Limited by Guarantee can claim audit exemption unless an audit is requested by one member. A company with Charitable Status can claim audit exemption unless requested by one member, and so long as its turnover is below €100,000 per annum.
Audit Exempt +
Gilroy Gannon offers the management Audits & Audit Exemptions as a stand-alone service. It is also strategically combined with other Legal, Tax, Consulting, Financial and Business Advisory services, all of which we are happy to discuss at your convenience.
Stay up-to-date with
the Latest News
By signing up for our newsletters, you get the latest news, events, and financial tips from Gilroy Gannon straight to your inbox.