Martin to raise audit exemption limit

THOUSANDS of small and medium businesses in Ireland will become exempt from costly external audits under new proposals being actively considered by Minister for Enterprise Micheál Martin.

At present, all companies in Ireland with a turnover in excess of €1.5 million are obliged by law to have their accounts audited externally.

The figure is five times lower that the corresponding EU exemption threshold of €7.3m which applies in Britain and the North.