By Andrew Lambe, 27th July 2018
The Company (Statutory Audits) Bill 2017 was signed into law on 25th July 2018 by President Michael D. Higgins and will be commenced into law in the coming weeks.
Audit Exemption Application has been retained, this is very good news for Accountants and SME’s. Statutory Audits Bill 2017 included a proposal form Minister Humphreys to amend Section 343 of the Companies Act; this would require companies to apply to the High Court rather than the District Court for retention of lost audit exemption. Fortunately, this proposal was removed at the eleventh hour. This was a result of hard work and objections by professional advisors and bodies, members of the Accounting profession, and some healthy Dail debate and opposition from Deputies Billy Kelleher, Danny Healy-Rae, Aengus Ó Snodaigh, Jan O’Sullivan, Mattie McGrath and Maurice Quinlivan.
The retention of the Audit Exemption Application shows great support for small businesses who have a valid reason for filing their annual return late. A successful application to the District Court will retain a company’s audit exemption which would have otherwise been lost for 2 years.
Follow this link for more information and assistance with a Section 343 District Court application. Alternatively, you may contact Paula Horan at (01) 6461625 or email firstname.lastname@example.org for more information.