Companies Act 2014

Directors Compliance Statements and Audit Exemption for small groups

Directors Compliance Statements

The directors of companies with balance sheet totals in excess of €12.5m and turnover in excess of €25m must draw up a compliance statement as part of the directors report in relation to compliance with certain company and tax law provisions.  Larger companies with balance sheet totals in excess of €25m and turnover in excess of €50m will have to have Audit Committees.

Audit Exemption for small groups

The audit exemption will be extended to small group companies provided there is no objection from its members. A group qualifies as a small group if the qualifying conditions are satisfied in respect of that year and the preceding financial year. The qualifying conditions for a small group are satisfied if it fulfils two or more of the following requirements:

  • Balance Sheet total of the holding company and the other members of the group taken as a whole does not exceed €4.4m
  • The amount of Turnover of the holding company and the other members of the group taken as a whole does not exceed €8.8m
  • The average number of employees in the holding company and the other members of the group taken as a whole does not exceed 50

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       Noel Brady

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       Ciara O’Luanaigh

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