The Department Of Enterprise, Trade and Employment are currently reviewing changes to audit exemption for small and micro companies to provide for a two-step graduated approach to deal with late filing with the CRO rather than automatic loss of audit exemption for two years.
For the first instance of late filing, filing fees would be incurred and there would be no loss of audit exemption.
If there was another late filing within the next five years, late filing fees would still be incurred and the entitlement to audit exemption would be lost for the following two financial years. Audited financial statements will have to be prepared for these years which can result in significant professional fees.
The Department is also considering a change to allow for the strike-off of a company for failure to file details of a Company Secretary with the Registrar.
And also to allow the Registrar of Beneficial Ownership to request that the Registrar of Companies strike-off a company for its failure to file information on the beneficial owners.
It is expected that these changes will be passed into law in 2024.