All limited companies in Ireland are obliged to prepare statutory financial statements whether they be audit exempt or not. With the increase in the audit exemption limits in recent times many Irish companies now fall into the category of being Audit Exempt.

Criteria for Audit Exemption:

For periods commencing on or after 24 December 2006:

• The company is a company to which 1986 Companies Act Applies; and
• The amount of turnover of the company does not exceed €7,300,000; and
• The fixed assets plus current assets of the company must not exceed €3,650,000; and
• The average number of persons employed by the company does not exceed 50; and
• The company is not a parent undertaking or subsidiary undertaking.

In Ireland if a company's annual return for the current year or the previous year was not filed on time, the company cannot avail of the audit exemption.