Auditing

FDC & Associates is registered to carry on audit work in the Republic of Ireland by the Association of Chartered Certified Accountants and we provide a full audit and accountancy service to companies.

Audit Exemption in Ireland
In Ireland the turnover threshold for an audit exempt company has been increased to €7,300,000 in respect of financial years ending after 24th February 2007. For years ending prior to this date the threshold is €1,500,000 for years commencing on or after 1st July 2004. The company must also have balance sheet total of not more than €3,650,000 and an average number of employees of 50 or fewer.

In Ireland if a company’s annual return for the current year or the previous year was not filed on time, the company cannot avail of the audit exemption.

Benefits of Retaining the Audit

Despite the continual increase in the burden of compliance with company law we see the benefits of retaining the audit as follows:

  • Enhanced credibility with the revenue authorities.
  • Audit can identify key areas of the business that need improvement and the auditor can work with the owners to improve the company's financial management.
  • An audit gives assurance that the company has complied with its obligations under company law.
  • An audit gives assurance to the customers and suppliers about the financial management of the business, and they are more likely to do business with you.
  • Whether or not a company has had its accounts audited may be used by lenders in assessing loan applications.

 

If you would like further details, please feel free to contact us today.