ICAI Calls For Increase In Statutory Audit Exemption Level
Speaking at a recent accounting conference in Dublin, President of the Institute
of Chartered Accountants in Ireland (ICAI), Terence O'Rourke urged the government
to increase the exemption level for statutory audits. According to reports, Mr O'Rourke told those attending the conferring ceremony
for new chartered accountants at University College Dublin that: "The audit exemption threshold in the Republic of Ireland is EUR1.5m as
against an EU average of around EUR7m. In the UK the figure is EUR5.6m. Comparatively
speaking, small and medium sized Irish companies are being put at a disadvantage
as against their continental, UK and Northern Ireland competitors." The ICAI chief went on to suggest that EU plans to introduce stricter accounting
and auditing standards may have an adverse effect when applied in Ireland "to
companies for whom they were neither designed nor are appropriate". However, he went on to add that despite these concerns: "I am wholly convinced that an audit is a useful and worthwhile experience
for companies, even small companies. We need to consider how companies with
turnover or balance sheet figures, that in future will not require a full statutory
audit, can benefit from the rigours an audit imposes." .
|
|
IMPORTANT NOTICE: THE LOWTAX NETWORK has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright THE LOWTAX NETWORK 1999 to 2009. Contact us for further information.