When is a Company Financial Audit Required?

Posted in Company Secretarial, Limited Companies, Newsletter, Regulations, Revenue Audit
When is a company financial audit required

Under present legislation an Irish company’s annual financial statements must be  audited if it is a member of a group of companies.

If it is not a member of a group the financial statements must be audited if it does not meet all of the following criteria in the current or preceding financial year;

  1. Annual turnover is less than €8,800,000
  2. Total assets are  less than €4,400,000
  3. Employee numbers are less than 50.

In addition if the company is a bank or insurance company its Financial Statements must be audited.

If the company has not filed its Annual Return to the Companies Registration Office on time then the Financial Statements must be audited.

Finally if the company is a type of company as listed in the Second Schedule  of the Companies (Amendment )Act 1999 its financial statements must also be audited.

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