MALONE & CO.
The preparation of financial statements for clients is our core business and is a requirement for all entities, sole traders, partnerships or limited companies. Financial statements may be required for filing with Companies Registration Office, for monitoring of company performance or for tax purposes.
All Irish limited companies are obliged to prepare statutory financial statements whether they be audit or audit exempt. 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:
In respect of any financial year, if in that year and the financial year immediately preceding that year the company satisfies two of the three following conditions:
- Turnover does not exceed €12M; and
- The gross assets of the company < €6.6m; and
- The average number of employees < 50;
the company may elect to claim audit exemption. Audit Exemption applies to any group company if the group as a whole qualifies as a Small Group based on the above criteria.
If a company’s annual return for either the current year or the previous year was not filed on time, the company may not be entitled to avail of audit exemption. We will advise on eligibility and complete the relevant paperwork to claim audit exemption status for all clients who satisfy the relevant criteria.
We deal in this area every day and therefore our team are always up to date with accounting regulations and the disclosures required in assisting directors meet their statutory duties. We can prepare financial statements either from your own accounting records (computerised or paper based), from source documents or from information held as part of our Bookkeeping service to you.
We will prepare your accounts and discuss and explain the outcomes with you and advise of any steps you could take to enhance your business.