DIY Accountancy

[Bronte]

Sorry another question, so if you are in business and you don't file a return on time you lose your audit exempt status and you then have to hire an accountant to do an audit on you, is this correct? How much do they cost? Or do Revenue do the audits? Does it matter what your turnover is as to whether you will require an audit?

 

[ubiquitous]

Sorry another question, so if you are in business and you don't file a return on time you lose your audit exempt status and you then have to hire an accountant to do an audit on you, is this correct?

Yes

How much do they cost?

Depends. Generally they are very expensive as the audit regulations and procedures are very complicated, and auditing is risky work for a firm. If they put a foot wrong, they can get their foot chopped off by regulators, ODCE and others. This is why many accounting firms are very reluctant to take on audit work from non-clients.

Or do Revenue do the audits?

This has nothing to do with the Revenue's work in auditing tax returns.

Does it matter what your turnover is as to whether you will require an audit?

No, if your return is late. In other cases, if your turnover is more than €7.3m you must be audited anyway.

If you google.ie "audit exemption" you will get plenty of other information.