# Company Limited by Guarantee - Audit Exemption?



## figgy (8 Jun 2007)

I am currently investigating whether a company that I am preparing accounts for is entitled to an audit exemption when filing a set of accounts.

I have read information leaflet 10 on the CRO website and the company fulfills the five criteria outlined in paragraph 2.5 that allows it to cliam audit exemption, however after reading the list of companies not allowed to avail of the exemption I am still not 100% sure if a company limited by guarentee is not allowed claim the exemption. 

If a company is a company limited by guarentee - Can they still avail of the audit exemption if the fulfuill all the other criteria. 

Appreciate any guidence


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## ubiquitous (8 Jun 2007)

*Re: Company Limited by Guarentee - Audit Exemption??*

No


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## ClubMan (8 Jun 2007)

*Re: Company Limited by Guarentee - Audit Exemption??*



Moved from Other Financial Issues.


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## Graham_07 (8 Jun 2007)

*Re: Company Limited by Guarentee - Audit Exemption??*

As Ubiquitous said, No. COmpanies Limited by Guarantee cannot avail of audit exemption. 

Also note that the exemptions from Cash Flow Statements, afforded by FRS1 cannot be claimed by guarantee companies either. So you will have to prepare a Cash Flow Statement.


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## RonanC (8 Jun 2007)

*Re: Company Limited by Guarentee - Audit Exemption?*

[broken link removed]



> It should be noted that a guarantee company not having a share capital cannot avail of the audit exemption, as that exemption is limited to private companies.


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