An annual statutory audit, as required under the Irish Companies Act, reviews the financial statements and records of your business. The auditor forms an opinion as to whether or not the financial statements give a true and fair view of the financial standing of the company.

Not all companies in Ireland need to undergo a statutory audit. The small company audit exemption applies if your company meets at least two of the following requirements:

• Number of employees does not exceed 50
• Balance sheet does not exceed €6 million
• Turnover does not exceed €12 million

Companies in certain industries do not qualify for an exemption even if the above requirements apply. Furthermore, even if the exemption does apply, there are essential steps you need to take to ensure you do not lose it. Read more about audit exemption status on our FAQ page or contact us to get specific advice.

At Gilroy Gannon, we focus our statutory audit services on the key risks of misstatement in your company’s financial accounts. All auditing standards are followed throughout the process to ensure there is a robust examination of your company’s books and records.