Vol. 528 No. 3
45 Mr. O'Shea asked the Tánaiste and Minister for Enterprise, Trade and Employment the proposals she has to amend the Companies Act in order that community groups, which are forced to become limited companies to protect individual members against the possibility of being sued, are not legally obliged to produce audited accounts on an annual basis in relation to their annual turnover; and if she will make a statement on the matter. [30110/00]
Section 32 of the Companies (Amendment) (No. 2) Act, 1999 enables certain companies, who 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 a turnover not exceeding £250,000 per annum; a balance sheet total not exceeding £1,500,000; 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 at this time.
