# Auditor recommendation (dormant company)?



## kermit22 (9 Dec 2009)

I've had a ltd company for 4 years, which traded for 2 years , and has been dormant for last 2 -- i.e. absolutely no trading.  While actively trading i was the only employee, a pretty average  contractor setup.

Up to now I have prepared simple accounts and done all admin work myself.  i.e. claimed audit exemptions on B1 with CRO, filed corporation tax, VAT returns etcs.

However this year due to a combination of factors I missed the ARD on for my B1 to the CRO -- and have lost audit exemption.

I'm getting quotes of 1000-1500 euro for preparing audited accounts.  

Is this reasonable?  Any advice/recommendations on firms i should ask to quote?


----------



## DB74 (9 Dec 2009)

€1,000 for an audit for a company which is actively trading seems quite reasonable to me.

You will have to have 2 audits BTW as if you miss the CRO deadline for one year then audit exemption cannot be claimed for the next year either.


----------



## kermit22 (9 Dec 2009)

thanks for quick reply and good heads up for next year.

To be clear company did not actively trade in last financial year -- Balance sheet at end of year is identical to start, accounts will show all zeros


----------



## DB74 (9 Dec 2009)

Unfortunately you will do well to get an auditor to do any audit for under €1,000, due to the paperwork involved and the time-consuming work at the planning stage, even for a non-trading company, and even more so for a new client.


----------



## jack2009 (9 Dec 2009)

Well if you have no use for the company and going to be paying professional fees of between 1,000 and 1,500 why not pay to have the company liquidated for a similiar amount of money.  It will mean no more tax returns or submissions to CRO!


----------



## Graham_07 (9 Dec 2009)

jack2009 said:


> Well if you have no use for the company and going to be paying professional fees of between 1,000 and 1,500 why not pay to have the company liquidated for a similiar amount of money. It will mean no more tax returns or submissions to CRO!


 
Unfortunately as the ARD has been missed, liquidation or strike off cannot be done until all outstanding CRO returns are filed. This includes the audited accounts for the return now late.


----------



## jack2009 (9 Dec 2009)

Graham_07 said:


> Unfortunately as the ARD has been missed, liquidation or strike off cannot be done until all outstanding CRO returns are filed. This includes the audited accounts for the return now late.


 
Liquidation is possible even if the ARD date has passed!


----------



## simplyjoe (9 Dec 2009)

Strike off will need Annual return completed. A liquidation would not need accounts being completed or audited. You will get a lower price than €1,000 for the audit of dormant accounts.


----------



## soma (16 Dec 2009)

simplyjoe said:


> Strike off will need Annual return completed. A liquidation would not need accounts being completed or audited. You will get a lower price than €1,000 for the audit of dormant accounts.



This is interesting - similar to to the OP I have a dormant company that has long missed it's ARD - completely and utterly my fault.

Is this true that I would be in a position to just liquidate - i.e. without the sizable expense of filing last accounts inlc. audit fees, late filing fees etc. The only 'asset' the company has is about €300 of old stock. So I'm thinking/hoping that a 'solvent' liquidation would work out the cheapest option?

If so, would anyone care to recomend a suitable accountant/organisation in the Dublin area..? Thanks.


----------



## DB74 (17 Dec 2009)

It is my understanding that a limited company cannot be struck off the register voluntarily unless ALL CRO returns are fully up-to-date, irrespective of whether a company is to be liquidated or not.

Maybe I'm wrong


----------



## DB74 (17 Dec 2009)

I'm wrong!


----------



## simplyjoe (17 Dec 2009)

From my estimations either way would be equal price.


----------



## diroche (27 Jan 2010)

What price did you pay to get the audit done? Am in a similiar situation and any quotes I have got seem far too high. Anyone know of a firm that will do this for a good price?


----------



## Liquidator (12 Mar 2010)

For anyone in this situation an MVL (members voluntary liquidation is probably the best bet).  You will avoid incuring the audit fees...for which you will have to pay for two (plus any additional years you miss the CRO deadline) and wind the company up without mess.  

The cost of these are fairly low.  Just google MVL or low cost MVL, you will find a number of firms offering specialist cheap solutions for dormant companies


----------

