Increased Audit Exemption Limits

The Minister for Jobs, Enterprise and Innovation Richard Burton recently announced that the audit exemption thresholds will be increased to the maximum level permitted under EU Law. The increase in thresholds is part of the government’s target of a reduction of 25% in the red tape imposed by the Government on business.

The increase in the audit exemption thresholds will mean that Private Companies with:

• Turnover of less than €8.8 million
• Balance Sheet total of less than €4.4 million
• Average number of employees of 50

will be exempt from the requirement to appoint a statutory auditor and have the financial statements audited each year. The increase represents a 20.5% increase from the existing thresholds.