Insights From the FMco Team

Audit Exemption threshold - increase on the way

The Minister for Jobs, Enterprise and Innovation, Mr Richard Bruton TD, recently announced that he is increasing the number of businesses exempt from the requirement to hire external auditors to the maximum level permitted under EU law, a move that is expected to save Irish SMEs up to €5m per year.

The increase in the audit exemption thresholds will mean that companies with a turnover of less than €8.8m and a balance sheet total of less than €4.4m will be exempt from the statutory audit requirement, if they have, on average, 50 or fewer employees (assuming that the other criteria in the Companies (Amendment) (No 2) Act 1999 are met).

However the Department of Jobs, Enterprise and Innovation confirmed that the appropriate Ministerial Regulations remain to be drafted and that, while there is as yet no firm implementation date, the Minister intends to introduce the change as soon as possible in 2012.

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