Companies Act 2014

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 F199 [ 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:

F199

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.