Audit Exemption applies to any group company if the group as a whole qualifies as a Small Group. The entire group and all its subsidiary undertakings must, taken as a whole, satisfy two of the following three conditions in order to claim a Group Company Audit Exemption:
- The balance sheet total of holding company and subsidiaries taken as a whole does not exceed €6m net.
- The amount of turnover of the holding company and subsidiaries taken as a whole does not exceed €12m net.
- The average number of persons employed by the holding company and its subsidiaries does not exceed 50.
The above conditions must be met in the year and in the preceding year unless it is the holding company’s first financial year.
The company’s annual return, to which Financial Statements are attached, must be filed correctly and on time for the year in question and the previous year.
The directors have a duty to appoint an auditor to the company as soon as possible after the company ceases to comply with the qualifying conditions.
For more information, please contact Noel Murphy on (021) 4310266.