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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, the types of companies that cannot avail of this exemption, and the necessary accounting principles and requirements for preparing individual accounts. The leaflet also provides guidance on maintaining proper financial records, filing annual returns, and includes appendices with sample accounts and relevant regulations.

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How do you qualify for audit exemption?

Exemption from filing full Financial Statements (the size/abridgement exemption) Balance sheet total does not exceed 7.5m. Turnover does not exceed 15m. Number of employees does not exceed 50.

Who is exempt from audit 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. 477(2) [Omitted by SI 2012/2301, reg. 4(b).] 477(3) [Omitted by SI 2012/2301, reg.

What is the criteria for exempt private company?

Exempt Private Company (EPC) is a private company in which there are less than 20 shareholders and no corporation, directly or indirectly, holds any shares. A private company that is wholly owned by the Government is also considered an EPC and needs to be declared by notification in the Gazette by the Minister.

What companies are exempted from audit?

An Exempt Private Company is a company that has less than 20 shareholders and no corporate shareholders. Pursuant to the 2014 Amendment, the criteria has changed. Now, any company defined as a small company will be eligible for audit exemption.