Over the last ten years or so the requirements to conduct an Audit have been confined more and more to larger companies. Under current legislation in Ireland an Audit is required if two of the following conditions apply:

1. A company’s annual turnover is greater than €8.8 million
2. Gross Asset value of the company is greater than €4.4 million
3. The company has more than fifty employees

As many small businesses may not achieve the above levels they will be in a position to prepare their annual financial statements on an Audit Exempt basis.

However, there are certain circumstances when arranging for an audit to be undertaken can benefit smaller companies greatly, such as:

  • Shareholder peace of mind
  • Preparing your business for sale
  • Identifying improvements in business efficiencies
  • Reducing the likelihood of your company financial statements containing material errors
  • Application for Government/EU funding
  • Providing assurance to other stakeholders such as bankers and creditors

So, whether you’re considering changing your audit provider due to anticipated EU audit rotation requirements or you wish to explore if a different service provider would better meet your needs contact us today.