Audit Exemption

The increase in the audit exemption threshold in recent years has assisted in reducing the burden of compliance costs on SME's. Where a company avails of the audit exemption then the accountant does not provide an opinion as to whether or not the accounts are true and fair and have been prepared in accordance with the Companies Acts 1963 to 2006.

The primary difference between an audited set of financial statements and an unaudited set of financial statements is that the accountant will not give an opinion and will not state whether or not the accounts prepared are true and fair.

Accounts preparation for Audit Exempt companies must still meet quality standards so as to give banks, creditors and indeed customer's confidence when dealing with your business.

We can ;

• Ensure all relevant criteria has been met in order to avail of the audit exemption
• Ensure the accounts are prepared correctly and in accordance with general accepted accounting principles adapted as necessary to ensure all relevant disclosure requirements have been met
• Ensure our work is performed with professional competence and due care
• Use our accounting expertise as opposed to auditing expertise to gather, evaluate and summarise the financial information
• Ensure procedures are undertaken to avoid the risk of association with misleading information or misleading accounts. This may involve carrying out some analytical review procedures such as comparing current year figures with previous years and preparing some ratio analysis to determine any anomalies