Small sized companies may be exempted from the full extent of the requirements relating to annual accounts in respect of any financial year if in respect of that year and the financial year immediately preceding that year the company satisfies two of the three following conditions:
(Section 8 Companies (Amendment) Act 1986, as amended by Regulation 4 European Communities (Accounts) Regulations 1993 and European Union (Accounts) Regulations 2012 refers.) The fact that a company is entitled to an exemption on the basis of its size must be certified by its auditors.
If the company is a small company, it may also be entitled to claim the audit exemption, in which case additional certification is required.
If the company although small, does not meet all of the conditions to qualify for the exemption from audit, its accounts must be audited and sections 10 and 12 Companies (Amendment) Act 1986 refer.
(i) Report of the auditors under section 18(3) Companies (Amendment) Act 1986
To the directors of Example Limited
The following are copies of our report dated 31 March 20** under section 18(4) Companies (Amendment) Act 1986 to the directors of Example Limited and our report dated 26 February 20** under section 193 Companies Act 1990 to the members of that company for its financial year ended 31 December 20**.
(ii) Report of the auditors under section 18(4) Companies (Amendment) Act 1986
Auditor's Report to the directors of Example Limited pursuant to section 18(4) Companies (Amendment) Act 1986.
We have examined:
The scope of our work for the purpose of this report was limited to confirming that the directors are entitled to annex abridged financial statements to the annual return and that those abridged financial statements have been properly prepared, pursuant to sections 10 to 12 Companies (Amendment) Act 1986, from the financial statements to be laid before the Annual General Meeting.
In our opinion the directors are entitled under section 18 Companies (Amendment) Act 1986 to annex to the annual return of the company abridged financial statements and those abridged financial statements have been properly prepared pursuant to the provisions of sections 10 to 12 of that Act (exemptions available to small-sized companies).
Auditors: ABC & Company
Date: 31 March 20**
Note: Where in the auditor's opinion the abridgement process has impaired the true and fair view given by the financial statements laid or to be laid before the Annual General Meeting, the following additional paragraph should be added by the auditors to this Report:
(iii) Report of the auditors under section 193 Companies Act 1990
The auditor's report to the members is required to state:
(i) in the case of the balance sheet, of the state of the company's affairs as at the end of its financial year,
(ii) in the case of the profit and loss account of the company's profit and loss for its financial year,
"Balance sheet total" is defined by section 8 (4) of the Companies (Amendment) Act, 1986 which states:
"Balance sheet total", in relation to any financial year of a company, means-
All relevant legislation can be downloaded from http://www.irishstatutebook.ie/. See Legislation Page.
We would recommend that you seek professional advice, or contact your professional association / accountancy body, if you have any queries on the format of accounts.
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