Companies Act 2014

CHAPTER 15

Audit exemption

Annotations:

Modifications (not altering text):

C39

Application of Part restricted (24.06.2015) by European Union (Credit Institutions: Financial Statements) Regulations 2015 (S.I. No. 266 of 2015), reg. 8, in effect as per reg. 1(2).

Non-application of certain provisions of Principal Act to credit institutions

8. ...

(2) In addition to what is provided by paragraph (1) each provision of the Principal Act specified in the Table to this Regulation, in so far as it is not already disapplied by that Act to such an institution, shall not apply to a credit institution.

...

Table

...

Sections 358 to 364 (Audit exemption)

...

C40

Application of Part restricted (17.06.2015) by European Union (Insurance Undertakings: Financial Statements) Regulations 2015 (S.I. No. 262 of 2015), reg. 6, in effect as per reg. 1(2).

Non-application of certain provisions of Principal Act to insurance undertakings

6. ...

(2) In addition to what is provided by paragraph (1), each provision of the Principal Act specified in the Table to this Regulation, in so far as it is not already disapplied by that Act to such an undertaking, shall not apply to an insurance undertaking.

...

Table

...

Sections 358 to 364 (Audit exemption)

...

358.

Main conditions for audit exemption — non-group situation

358. (1) Subject to subsection (3) and the other provisions of this Chapter, section 360 (audit exemption) applies to a company in respect of its statutory financial statements for a particular financial year if the company qualifies as a small company in relation to that financial year.

(2) For the purposes of this section, whether a company qualifies as a small company shall be determined in accordance with F189 [ sections 280A and 280B ] .

(3) Section 360 does not apply to a company in respect of its statutory financial statements for a particular financial year during any part of which the company was a group company (within the meaning of section 359 ) unless the group qualifies, under section 359 , as a small group in relation to that financial year (and the other relevant provisions of this Chapter are complied with).

(4) In subsection (3)“group”, in relation to a group company, shall be read in accordance with section 359(1)(b) .

(5) Nothing in this section prejudices the operation of Chapter 16 (special audit exemption for dormant companies).

Annotations:

Amendments:

F189

Substituted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 56, S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.