Is Your Business Entitled to Audit Exemption Status For 2015?
One of the key new provisions of the act that will have the most impact for small business will be the new terms and conditions for audit exemption and the new thresholds that are to be applied.
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Audit Exemptions 2015!

 

Many new changes are coming under the provisions of the new Companies Act 2014. This act is expected to be signed into law by the President by the end of the year 2014 with implementation scheduled for June 2015. One of the key new provisions of the act that will have the most impact for small business will be the new terms and conditions for audit exemption and the new thresholds that are to be applied.

 

Under the New Audit Exemption Provisions of the New 2014 Companies Act once the bill comes into law, exemption can be sough by certain Groups & Limited By Guarantee Organisations once they are under the prescribed thresholds. This will mean that company types such as holding and subsidiary companies, clubs, membership organisations, residential property management companies, charities, NGO’s, sports organisations, students unions, social enterprises and certain co-operatives will fall into this category and may be eligible for Audit Exemption Status for 2015.

 

Being Audit Exempt can represent significantly cost savings for your business and will also allow your business advisors and accountants to focus on other non compliance based work that will really add value to your company. Areas such as business growth, profitability, expansion, seeking new opportunities will all be more time accessible if the time consuming graft of compliance is removed.

 

Contact Avid Partners Today to see if your company can qualify for Audit Exemption for 2015. Certain Thresholds will apply so not every company listed in the categories above will be eligible. Call us on 0818 303087 or email us at advice@avidpartners.ie. We always love to hear from small businesses in Ireland.

 

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