Vol. 541 No. 4
188 Mr. O'Shea asked the Tánaiste and Minister for Enterprise, Trade and Employment the proposals she has to amend the Companies Acts to exempt certain private limited companies, including those formed by community groups, which meet thresholds (details supplied); and if she will make a statement on the matter. [23154/01]
Section 32 of the Companies (Amendment) (No. 2) Act, 1999, already enables certain companies, which meet specific criteria, to avail of an exemption from the requirement to have their accounts audited. In brief, the exemption is available to certain private limited companies, including those formed by community groups, which meet the following thresholds: a turnover not exceeding £250,000 per annum; a balance sheet total not exceeding £1,5 million; a number of employees not exceeding 50 persons; and other specified qualifying criteria.
While I propose to monitor the extent to which the exemption is availed of, I do not have any proposals to amend the criteria or extend the scope of the exemption at this time.
I am also aware that as many community groups receive financial assistance or grants from State bodies, they may be required to have their annual accounts audited as a condition of receiving this financial assistance and, therefore, may not be in a position to avail of the audit exemption.
