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Leaflet 10 - Audit exemption Audit exemption for certain private companies preparing companies acts

Leaflet 10 - Audit exemption Audit exemption for certain private companies preparing companies acts 2025

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The document is an information leaflet detailing the audit exemption for certain small private companies under the Companies Acts in Ireland. It outlines the criteria for eligibility, including turnover and balance sheet limits, and specifies which types of companies cannot avail of this exemption. The leaflet also provides guidance on the preparation and filing of company accounts, emphasizing that while audit-exempt companies are not required to have their accounts audited, they must still prepare full accounts and comply with statutory requirements. Additionally, it includes appendices with sample accounts formats and accounting principles.

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Click ‘Get Form’ to open it in the editor.
Begin with the 'Introduction' section. Familiarize yourself with the purpose of the leaflet, which outlines audit exemptions for small private companies.
Proceed to 'Questions and Answers Concerning Audit Exemption'. Here, fill in your company details and ensure you meet the criteria for audit exemption, such as turnover and balance sheet totals.
In the 'Companies Not Entitled to Avail of Audit Exemption' section, confirm that your company does not fall under any disqualified categories.
Utilize Appendix 1 for a sample format of abridged accounts. Ensure your financial statements align with this template.
Finally, review all sections thoroughly before saving and submitting your completed form through our platform.

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Which of the following categories of private companies qualify for audit exemption according to SSMs practice directive no. 3:2017?

To this end, on 4 August 2017, SSM issued the Practice Directive No. 3/2017, highlighting that dormant, zero-revenue and threshold-qualified private companies are eligible to elect for audit exemption.

What is exemption under section 477 of the Companies Act?

477(1) A company that qualifies as a small company in relation to a financial year is exempt from the requirements of this Act relating to the audit of accounts for that year.

What companies are exempted from audit?

Companies that are regarded as a small company for a particular financial year, or are dormant, are exempt from audit requirements. These companies therefore do not need to appoint auditors (or have their financial statements audited) for that financial year.

What companies are exempt from audit?

Some companies do not need to have an audit. To qualify for audit exemption, a company must qualify as small during the financial year. If a company qualifies as a micro-entity, it also qualifies as a small company. This means it can also qualify for audit exemption.

Why are some companies exempt from audit?

Subsidiaries. Subsidiary companies within a group can also be exempt from audit, if they meet certain criteria and if the parent company provides a guarantee of all outstanding liabilities at the end of the financial year.

What type of business does not have to submit audited accounts?

Private or personal liability companies that are not required to have their financial statements audited, may elect to voluntarily file their audited or reviewed statements with their annual returns.

Does audit is mandatory for all companies?

Yes, under the Companies Act, 2013, every private limited company in India is required to get its financial statements audited annually by a qualified Chartered Accountant. This statutory audit ensures that the financial records give an accurate and fair view of the companys financial position.

Who is exempted from audit?

Exemption from Audit Requirements Companies that are regarded as a small company for a particular financial year, or are dormant, are exempt from audit requirements. These companies therefore do not need to appoint auditors (or have their financial statements audited) for that financial year.

Leaflet 10 - Audit exemption Audit exemption for certain private companies preparing companies acts 2025

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