Companies Act 2014
F291[Audit exemption (non-group situation) not available in certain cases
363. (1) Subject to subsection (2) and notwithstanding that section 358 is complied with, a company is not entitled to the audit exemption referred to in that section in respect of its statutory financial statements for the 2 financial years immediately succeeding a financial year (in this section referred to as the "relevant financial year") where the company failed to deliver to the Registrar, in compliance with section 343, the company’s annual return to which the statutory financial statements or (as appropriate) abridged financial statements for the relevant financial year are annexed.
(2) Subsection (1) shall not apply in the case of an annual return of a company which is the company’s first annual return referred to in section 349.]
Annotations
Amendments:
F291
Substituted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 10, S.I. No. 366 of 2018.
F292
Substituted by Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024 (44/2024), s. 22, not commenced as of date of revision.
Modifications (not altering text):
C104
Prospective affecting provision: section substituted by Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024 (44/2024), s. 22, not commenced as of date of revision.
F292[363. (1) Subject to subsection (2), and notwithstanding that section 358 is complied with, a company is not entitled to the audit exemption referred to in that section in respect of its statutory financial statements for the 2 financial years immediately succeeding a financial year (in this section referred to as the ‘relevant financial year’) where the company—
(a) failed to deliver to the Registrar, in compliance with section 343, the company’s annual return in respect of the relevant financial year, and
(b) previously failed to deliver to the Registrar, in compliance with section 343, the company’s annual return in respect of any of the 5 financial years immediately preceding the relevant financial year.
(2) The following shall be disregarded for the purposes of paragraph (b) of subsection (1):
(a) a failure by a company to deliver its annual return which is the company’s first annual return as referred to in section 349;
(b) a failure by a company to deliver its annual return before the operative date.
(3) In this section, “operative date” means the date of commencement of section 22 of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024.]
Editorial Notes:
E87
Previous affecting provision: subs. (1)(b) amended (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 60, S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4; section substituted as per F-note above.