Caution urged against abandoning audit procedures

Chambers Ireland today (7 June 2017) welcomed the commencement of the Companies (Accounting) Act 2017 with effect from Friday 9 June 2017. This welcome transposition of the EU Accounting Directive will bring about considerable benefits through the re- classification of small and micro businesses.

Commenting on the announcement, Ian Talbot, Chief Executive of Chambers Ireland said, “The commencement of the Companies (Accounting) Act 2017 is good news for small and micro business potentially leading to a reduction in costs.  Reduced financial reporting obligations will have a positive impact on many smaller businesses through elimination of administrative burdens, particularly for micro enterprises.”

However, he also urged eligible businesses to reflect carefully before availing of the audit exemption to ensure that the information and quality assurance required by key stakeholders such as directors, shareholders and bankers is retained.