Yes where the company, regardless of the company’s size, meets the conditions of a dormant company as detailed in 1 and 2 below in THAT particular year AND the directors have elected to avail of this exemption in THAT year (this election should be minute-ed in the minutes of a meeting of the directors in that year) that company can avail of audit exemption.
A company is defined as dormant where the company during that year has:
- no significant accounting transactions (a significant transaction is not considered to be a transaction for the subscription of shares on initial formation of the company and any fee paid to the registrar/CRO on a change of the company’s name and/or on the re-registration of the company and/or a fee paid for the annual return); AND
- its assets and liabilities comprise only permitted assets and liabilities. Permitted assets are investments in shares of other group companies and/or amounts due from other group companies. Permitted liabilities are amounts due to other group companies.
Members cannot object to the directors availing of audit exemption where all of the conditions for audit exemption have been met as stated in S.334(5) Companies Act 2014