Audit thresholds raised by bill

MINISTER OF STATE at the Department of Enterprise, Trade and Employment Michael Ahern confirmed yesterday that the Investment Funds, Companies and Miscellaneous provisions Bill 2006 has been signed into law.

This provides for an increase in financial thresholds of companies at which audits must be carried out.

The new levels are €7.3m. (turnover) and €3.65m (balance sheet), which replace the previous figures of €1.5m and approximately €1.9m.