ICAI welcomes passage of Companies Bill

The Institute of Chartered Accountants in Ireland (ICAI) has welcomed the passage of the Companies Bill which legislates for the increase in the audit exemption threshold. The Bill cleared its final stage in the Seanad on Friday.

The Bill raises the audit exemption threshold to €7.3m in terms of turnover.

ICAI director of technical policy Aidan Lambe said: “The Government is to be congratulated for responding so quickly to the lobbying by ICAI and the recommendations of the Small Business Forum.

"The move brings us into line with the maximum allowed under EU law and the position pertaining in the UK and the North. SMEs would do well to remember that an audit is an important part of any sensible business planning but this move will allow accountants and auditors more flexibility in providing additional value adding services to their SME clients.”