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News : Irish Last Updated: Aug 11, 2011 - 3:27 PM


Bruton announces increase in Irish company audit exemption thresholds
By Finfacts Team
Aug 11, 2011 - 1:08 PM

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Minister for Jobs, Enterprise and Innovation Richard Bruton TD today announced an increase in the Irish company audit exemption thresholds. He is increasing the number of businesses exempt from the requirement to hire external auditors to the maximum level permitted under EU law, a move that is expected to save Irish SMEs up to €5m per year.

The Minister also announced that the Government at its last meeting approved his proposal to begin a process which will ensure that a reduction of 25% in the red tape imposed by Government on business can be achieved by the end of next year, resulting in savings of €500m to Irish businesses.

The increase in the audit exemption thresholds will mean that companies with a turnover of less than €8.8m and a balance sheet of less than €4.4m will be exempt from the statutory requirement to engage independent external auditors to examine their accounts, if they have 50 or fewer employees. This represents a 20.5% increase from the current thresholds of €3.65 and €7.3m respectively. It is estimated that a minimum of 1000-2500 small and medium-sized businesses will benefit from the move every year.

The increase in the audit exemption thresholds will take them from €7.3m for turnover and €3.65m for balance sheet to the maximum permitted under EU legislation, €8.8m and €4.4m respectively. A company must also have 50 or fewer employees in order to qualify. This will be done by Ministerial Order.

It is estimated that a minimum of 1,000-2,500 companies will benefit from the move, although the numbers affected will depend on compliance with annual filing requirements, as companies automatically lose their audit exemption if they do not file on time.

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