Ireland Companies (Statutory Audits) Act 2018

The Companies (Statutory Audits) Act 2018 (the “2018 Act”) has been signed into law. The 2018 Act amends certain provisions of the Companies Act 2014 (the “2014 Act”). Key points to note are:

  • it will now be permissible for a company to file its annual return and financial statements in one step within 56 days of the annual-return date;
  • any company filing its annual return late will lose its entitlement to an audit exemption in the following two financial years and not the financial year to which the annual return relates; and
  • the Irish Auditing and Accounting Supervisory Authority (the “IAASA”) has been given extra supervisory powers in respect of statutory audits.

 

The objective of the 2018 Act is to further transpose the current EU statutory-audit regime into Irish law in order to provide a single legal framework for statutory audits in Ireland.

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