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Audit exemption for limited company

  • 21-09-2011 11:35am
    #1
    CompanyBureau
    Registered Users, Registered Users 2 Posts: 93 ✭✭


    Hi there. I was just wondering whether an Accountant would mind clearing something up. When a company has corporate shareholder/s can you please explain what the legislation is regarding the audit exemption. The CRO website says 'holding or subsidiary companies' cannot apply for an audit exemption, however what is a company had 3 shareholders - one corporate shareholder (i.e. another company) and 2 individuals? Do the percentage shareholding matter? Any information provided is much appreciated as I have got conflicting professional advice on this. Thanks.


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi Andrew ;)

    It is a question of who controls the company (or even who controls the composition of the board of directors in the case of a golden share). If the corporate shareholder holds more then 50% of the company, or if the company itself owns 50% of another company then a group relationship exists and audit exemption is lost.

    Kind Regards

    dbran


  • #3
    CompanyBureau
    Registered Users, Registered Users 2 Posts: 93 ✭✭CompanyBureau


    Cheers DB - I owe you a pint in Cedars for that!


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