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The Companies Act: Filing thresholds and audit exemptions

Jillian O'Sullivan Jillian O'Sullivan

In this Companies Act 2014 update, we outline some of the more minor changes contained in the Act which, whilst not representing dramatic change or innovation, may nonetheless have a significant impact on some Irish companies.

The Companies Act 2014 has simplified legislation in a lot of areas by seeking to enable more efficient and competitive business. In summary, more companies can now avail of audit exemption, however it should be noted that while a company might qualify under the Act to avail of audit exemption there may be a requirement to have an audit regardless.

In addition to some of the examples given above, banks may have a requirement under the terms of loans to receive audited accounts within a fixed time-frame from year end. Members may also request that an audit be carried out on the financial statements of the company.