In order to avail of audit exemption, the company is required to hold a meeting of directors where it is agreed that the company/group/CLG would avail of audit exemption on the basis that it meets the requirements of S.358, S.360 & S.361–S.363 (Non-group exemption) or S.359, S.360 & S.361–S.362 & S.364 (group audit exemption). At this meeting the company secretary should also inform the auditor of the fact that the company is claiming exemption for the year.
These sections of the legislation do not refer to the meeting being held during the financial year and as a result, audit exemption can be claimed by the company retrospectively after the year end.