"It is expected that the move will yield significant benefits for Irish companies and will help them compete on an equal footing with their European and UK counterparts."

"Compliance and regulatory issues have been absorbing more and more time and resources of our small and medium sized companies. This measure will go some way towards relieving the burden of regulation for owner-managed businesses."

A survey of CPA practitioners conducted by the Institute found that:

• 97% of respondents welcomed the Minister’s decision to increase the audit exemption income threshold;
• 80% of practitioners expected that more than 80% of their corporate clients will no longer require an audit under the proposed new exemption limits;
• Under the current income threshold of EUR1.5million, 48% of practitioners reported that more than 80% of their corporate clients do not require an audit; and
• 32% of practitioners expect to move away from providing audit services as the demand for other value added services intensifies.