Audit Exemption Limit

[Slash]

What is the new audit exemption limit for Limited companies? Was it increased wef 1 January 2007?

Thanks.

 

[Jockey]

Hi,​

​

The new thresholds contained in the 2007 Finance Bill are €7.3m measured in terms of turnover and €3.65m in terms of balance sheet. These are the maximum allowed under European law. The previous figures were €1.5m and €1.9m respectively. ​

​

Jockey​

 

[ubiquitous]

Just for the record, the audit exemption thresholds were increased by the enactment of the Investment Funds, Companies and Miscellaneous Provisions Bill 2006 - not the Finance Bill.

http://www.entemp.ie/press/2006/20060626.htm

 

[RonanC]

As far as i know it hasnt been increased yet

[broken link removed]

 

[Graham_07]

The Investment Funds, Companies and Misc, Provisions Acts 206 were signed into law on 24/12/06. the increased thresholds are effective for financial years commencing on or after 24/12/06. They also apply to financial years which commenced prior to 24/12/06 and ending no earlier than 24/02/07. Basically any company whose year end falls AFTER 24/02/07 can avail of the new limits. ( This per CRO newsletter of 22/01/07 ) For practical purposes since most companies have their year ends on month ends, years ending 28/02/07 or 31/03/07 so far would be able to avail of the new limits.