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When do the new Audit Exemptions take effect from

  • 27-08-2012 4:53pm
    #1
    Sand Wedge
    Registered Users, Registered Users 2 Posts: 226 ✭✭


    When do the new Audit Thresholds take effect from? i.e. Turnover €8.8m, Balance Sheet €4.4m and employees < 50.

    In addition to the date that they take effect, what will be the first year end that they will take effect from i.e. if effective from 07/08/2012 does this mean that first year end that can use these exemptions are any accounts date where the year end is after 07/08/2012 or does it need to be 12 months after the effective date i.e 07/08/2013.

    Does the date the audit report is dated have any bearing on when the new thresholds can be claimed? i.e. Can a Y/e 31/12/2011 accounts date with an auditors signing date of 08/08/2012 (based on effective date of 07/08/2012) use the new thresholds?

    Thanks in advance


Comments

  • #2
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    Don't think the date has been published but I imagine it will be available for accounting periods ending on or after 31/08/12. Auditors report date is not relevant.


  • #3
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Sand Wedge wrote: »
    When do the new Audit Thresholds take effect from? i.e. Turnover €8.8m, Balance Sheet €4.4m and employees < 50.

    In addition to the date that they take effect, what will be the first year end that they will take effect from i.e. if effective from 07/08/2012 does this mean that first year end that can use these exemptions are any accounts date where the year end is after 07/08/2012 or does it need to be 12 months after the effective date i.e 07/08/2013.

    Does the date the audit report is dated have any bearing on when the new thresholds can be claimed? i.e. Can a Y/e 31/12/2011 accounts date with an auditors signing date of 08/08/2012 (based on effective date of 07/08/2012) use the new thresholds?

    Thanks in advance

    The figures are amended retrospectively.

    However a company (technically anyway) cannot make a decision to avail of audit exemption after a financial year has ended. It can make a decision during a financial year, or for a future financial year but not if it has ended.

    So effectively it is only for financial years ending after 7 August 2012 as that is the earliest day that a decision to avail of audit exemption with the new limits could be made.

    The date of the audit report would not be relevant.

    If in doubt email the technical committee of your accountancy body however.

    Hope this helps

    dbran


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