Companies Act 2014


F243[Audit exemption (group situation) not available in certain cases

364. (1) Subject to subsection (3), in this section a reference to a relevant body is a reference to the holding company or any other member of the group.

(2) Subject to subsection (4) and notwithstanding that section 359 is complied with, a holding company and the other members of the group are not entitled to the audit exemption referred to in that section in respect of their statutory financial statements for the 2 financial years immediately succeeding a financial year (in this section referred to as the "relevant financial year") where any relevant body failed to deliver to the Registrar, in compliance with section 343, the annual return of that relevant body to which such bodys statutory financial statements or (as appropriate) abridged financial statements for the relevant financial year are annexed.

(3) There shall not be reckoned as another member of the group for the purposes of this section (other than for the purposes of the expression "other members of the group" in subsection (2)) a subsidiary undertaking that is not a company registered under this Act or an existing company and the construction provided for by subsection (1) (of references to each of the relevant bodies) shall be read accordingly.

(4) Subsection (2) shall not apply in the case of an annual return which is a relevant bodys first annual return referred to in section 349.]




Substituted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 10, S.I. No. 366 of 2018.

Editorial Notes:


Previous affecting provision: subss. (2)(b), (3) and (4) amended (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 61(c), S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4; section substituted as per F-note above.