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
Please feel free to contact us if you would like more information about the Companies Act 2014.
Contacts:
Noel Brady
Tel: 01 +353 1 7998300
Email: noel.brady@ormsby-rhodes.ie
Ciara O’Luanaigh
Tel: 01 +353 1 7998300
Email: ciara.ol@ormsby-rhodes.ie