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.