new company audit exempt. who can prepare accounts ?

6

66ferg

Guest
Hi I have a company whose first ARD is approaching, the company is exempt from audit requirements and hasn't appointed an auditor. The accounts will be filled on time. I have a set of accounts prepared by an accounts technician.

Do I have to use an accountant to file return or can technician do it ?
 
Once the company meets the CRO criteria for audit exemption then no auditor is required. Neither is a professionally qualified accountant required. The directors are solely responsible for the accounts filed. If the directors feel sufficiently competent to file themselves then they are free to do so.
 
You do not have to file any accounts with your first annual return (B1 is all that is needed). Your first return is due 6 months after incoporation. Accounts are then due with your next annual return which should be filed on or before your next ARD (which will be the anniversary of your first ARD and 18 months from incorporation)
 
Hello,
How can I apply for the audit exemption and where the application form to download please?
There is only leaflet 10 with description about that on cro.ie website but no any application form
Thanks for any help
 
Hi Nicky

If you have not yet appointed an auditor then you dont have to do anything.

Basically if you have appointed auditors in the past then you must have a meeting of the directors to agree that you are entitled to the exemption. You then write to the existing auditor informing of your decision. He then resigns his office and informs the CRO of this. He also should state there is no other reason for his resignation other then company's wish to avail of the audit exemption.

You can then avail of audit exemption.


Regards


DB
 
There is no application form, there is a box to tick on the annual B1 that you file with the CRO when claiming audit exemption.

Be aware that the accounts filed with the annual return must comply with the Companies Acts 1963-2006 as to form. This includes certain statements on the balance sheet regarding audit exemption. If these are not filed correctly the returns will be rejected. If you are not sure as to your competence in this area then professional assistance is recommended.
 
Thanks Graham, your comments are always good and helpful
Thnank you DBRAN too, I have small business recently started
 
DBRAN said:
Hi Nicky

If you have not yet appointed an auditor then you dont have to do anything.

DB
Click to expand...


Technically .... the company's Board is supposed to resolve to avail of audit exemption before the end of the financial period in question, ie, for a first financial period from date of incorporation to, say, 31st December 2008, there should be an appropriate Board minute dated sometime up to or before 31st December 2008.
 
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