Companies Act 2014
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 F234[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).
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.