We have previously highlighted our thoughts in relation to removing late filing as one of the key criteria for availing of the audit exemption. The Department of Jobs, Enterprise and Innovation was undertaking a consultation in relation changing the criteria of audit exemption so that companies only had to satisfy 2 out of the 3 size criteria rather than 3 out of the 3 size criteria. You can find a copy of our submission here.
To support that submission we also set up an online petition for accountants. Over 800 accountants throughout the country representing in excess of 25% of all regulated practices signed up to that petition. This demonstrated that the accountants of Ireland clearly want this legislation changed.
In the meantime CCABI (The Consultative Committee of the Accountancy Bodies of Ireland) have made a submission to the Company Law Review Group in which they have also raised the issue:- Download CCABI Submission
Paragraphs 76 and 77 of this document make reference to the late filing requirement.
Despite these representations accountants are expressing concern that an opportunity is going to be missed in relation to reducing the burden on accountants and SME clients unless significant action is taken prior to the finalization of the Consolidated Companies Bill. Perhaps the time has come for accountants to express their opinion and lobby directly. To assist you in this regard we have created the following:
- Draft covering letter
- Contact details of parties that may have an influence on the outcome of this process
- A document outlining some of the arguments for removing the late filing requirement
- A copy of the submission made on your behalf based on the petition signed by you and over 800 other accountants
Obviously you can make direct representations or make your own submission. We appreciate how busy accountants are so we are just trying to make your life easier.
Hopefully if we work together we can contribute to getting this changed for the benefit of all.
Unit 3, South Court,
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t: 059 9183888
m: 086 3806111