Vol. 561 No. 4
178 Mr. R. Bruton asked the Tánaiste and Minister for Enterprise, Trade and Employment the threshold for audit exemptions under legislation; the way in which this compares to the thresholds that apply in the UK, the US and in other European countries; and if she will consider lifting the threshold in order to relieve businesses of the burdens of additional audit procedures. [4368/03]
The audit exemption referred to was introduced under the Companies (Amendment) (No. 2) Act 1999 and came into effect on 21 February 2000. The present Irish limits are as follows: turnover not exceeding € 317,434.52, £250,000, per annum; balance sheet total not exceeding €1,904,607.12, £1,500,000; and number of employees not exceeding 50 persons.
The maximum limits provided for under the fourth EU Company Law Directive were amended in 1999 and are as follows: net turnover €6,250,000; balance sheet total €3,125,000; and average number of employees during the financial year 50.
I understand the UK exemption limits were modified in 2000 and are as follows: turnover not exceeding £1,000,000 sterling and balance sheet total £1.4 million sterling.
The Company Law Review Group is currently considering the question of appropriate audit exemption limits for small companies. I understand its report will be ready later this year and I look forward to receiving it. In the meantime, I am keeping an open mind on the matter.
