Increase to Audit Exemption Thresholds
On 19 June 2024 the Minister for Enterprise, Trade and Employment, Peter Burke TD, signed into law the European Union (Adjustments of Size Criteria for Certain Companies and Groups) Regulations 2024 which increases the balance sheet and turnover thresholds for ‘micro’, ‘small’, ‘medium’ and ‘large’ companies in the Companies Act 2014 by 25 per cent.
For a full list of the thresholds see our new publication here for €60+VAT.
This means that more companies will become ‘micro’ and ‘small’ categories and qualify for audit exemption and the ability to abridge their financial statements.
The regulations apply to financial years commencing on/after 1 January 2024, with the option to apply them to financial years commencing on/after 1 January 2023.
For more on AML related matters go to:
- Anti-Money Laundering Policies Controls and Procedures Manual (March 2022) — View the table of contents here.
- AML Webinar (December 2023) available here, which accompanies the AML Manual. It explains the latest legal AML reporting position for accountancy firms and includes a quiz. Upon completion you receive a CPD certificate for attendance in your inbox.
For more on the whole ISQM process for audit firms, please see our ISQM 1 Toolkit on our website here.
Also, on our website we have:
- Letters of engagement and similar templates (all updated since May 2024) – Please visit our website here where immediate downloads are available in Word format here. A bulk discount is available for orders of five or more items bought together.
- ISQM TOOLKIT, or if you prefer to chat through the different audit risks and potential appropriate responses presented by this new standard, please contact John McCarthy FCA by email at john@jmcc.ie.
We typically tailor ISQM training and brainstorming sessions to suit your firm’s unique requirements.
The ISQM TOOLKIT 2022 is available to purchase here.
