I was reading the following on the CRO website and it did confuse my a little:
The year in question must be the current year - section 32 provides that the directors must be of the opinion that the company "will satisfy" the conditions - use of the future tense precludes the decision being taken in respect of a year that has already ended.
Can anyone explain the above?
Deciding to avail of the audit exemption
Once the directors are satisfied that the company meets all criteria then they may move ahead to avail of the exemption. The decision to avail of the exemption must be recorded in the minutes of the directors.
The directors should ensure that the company is not required by its Memorandum and Articles of Association to have an annual audit. The directors should also consider whether any third party reporting requirements exist which require them to have an audit
Paddy199 > I'm correctly understanding that I do NOT need to tick audit exemption box in my current return although I'm claiming the exemption?
Thanks Ronan
The directors must decide during a financial year if they wish to avail of audit exemption for that financial year, they cannot decide after it has happened.. but stranger things happen
Is the above recorded in minutes only?
Am I correct that the date on the accounts (balance sheet) has nothing to do with audit exemption?
And finally, can the date on the accounts be later than AR date (eg AR 28 Jan & balance sheet signed off on 05 Feb)?
Below is the statement and the date (highlighted in red) I'm refering to:
Does it have to be the same date as per company minutes or can it be any date after the financial year and before the submission of AR submission to the CRO?
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