AUDIT EXEMPTION FACTS:
Small & Micro Companies
Under Chapter 15 of Part 6 of the Companies Act 2014, a company that qualifies as a small (or micro) company can be exempt from having the financial statements attached to its annual return audited. To qualify as small, a company must meet two or more of the following conditions in the current financial year and in the preceding year:
- The amount of turnover of the company does not exceed €15 million
-The balance sheet total of the company does not exceed €7.5 million
- The average number of employees of the company does not exceed 50
The annual return and financial statements must be filed on time. Since 16 July 2025, Section 22 of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024 changed the audit exemption regime. A small or micro company no longer automatically loses audit exemption on a first occasion of late filing; it loses the exemption only if it files its annual return late more than once in any five-year period. Where the exemption is lost, the company must be audited for the following two years, and the Registrar has no power to grant relief from this.
The above is for general guidance purposes only. Please contact an accountant to find out more.
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Why choose us?
Dublin Accountants, Edward F. Molloy & Co. are based in Terenure, a short distance from Dublin city centre. We are a Dublin firm of Registered Auditors & Accountants. As you can see, we have a wide range of clients. We prepare financial statements for small sole traders and audit larger corporate entities with the same attention to detail and high level of service.
First Consultation FREE
We will explain the services we provide in detail and find the best package of services to suit you.
Evening Appointments
As we realise you may not wish to take time out of your work day to meet us, we can arrange a late evening appointment.
Claim Audit Exemption
We can explain how to claim audit exemption and prepare and file non-audited financial statements at competitive rates.
Company Voluntary Strike-off
We can undertake this process, including financial statements preparation, the placement of required newspaper advertisement and tax deregistration.
Audit Services
If you do not qualify for audit exemption for any reason, as Registered Auditors, we can audit your financial statements.