Company & Revenue Audits

An Audit in basic terms is a very detailed look at your financial accounts. The work involved will be a lot more detailed than standard accounts and will involve a lot more time.

There are two main Types of Audit; Company Audit and Revenue Audit

Company Audit

With the thresholds for audit now at €7.3million in terms of turnover and €3.65million in terms of Balance Sheet (previously €1.5m & €1.9m) the perception is that many companies no longer require an audit.

However, if you are under these thresholds you may still require an audit. The main reasons that companies are required to audit their accounts even though they are under the thresholds are;

  • They are late filing their Annual Return with the Companies Registration Office (CRO). If you file your Annual Return late you lose your audit exemption for 2 years. Not only will you be charged late filing fees by the CRO, but the cost of your annual accounts will rise as they now need to be audited.
  • The Directors choose to have the company accounts audited on a voluntary basis. Banks, lending institutions, insurance companies, possible investors etc will still require audited figures and where an audit may not in every case detect fraud or inefficiencies in a system, it can often be a deterrent.
  • Registered Charities require an audit when their annual gross income or expenditure is in excess of €100,000

Revenue Audit

If you are selected for a Revenue Audit and your Tax Affairs are in order and all your taxes are paid up to date and you have kept proper bookkeeping records and prepared proper year end accounts then you should have nothing to worry about. Your Revenue Audit should go relatively smoothly. We can review your files prior to the Revenue Audit and we can sit in on the Revenue Audit to assist you if you require.

If however your books and records are not up to date then the chances are you may be panicking about the upcoming Revenue Audit.

We can take all your books and records and sit with you and bring all your accounts and tax returns up to date. We can then figure out what your Tax liability is and make a "Prompted Disclosure" in advance of the Revenue Audit Commencing. By doing this you can considerably reduce the penalties for not filing returns on time and paying the tax late.

Don't lose sleep about an upcoming Revenue Audit. Let us look over your books and records first. It may well save you a lot of money!

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