Late Filing Audits and loss of audit exemption?
The majority of Irish companies are exempt from audit. However this audit exemption is lost if you are late filing your accounts with the C.R.O. If you are a late filer your accounts must be audited by a Registered Auditor. The issue for many small companies is the additional cost of an audit. The obvious solution is to ensure accounts are filed on time. If however you have been late filing and require an audit then talk to us. We will work through a solution which won’t break the bank and will work towards getting your audit exemption back.
Charity / Not-for-Profit Audits
Since the introduction of the Charities Regulatory Authority we are going to see a system which ensures Charities are made more accountable to those who donate money to them. This will include a standard system of Financial Reporting which will likely be similar to SORP in the UK. For the most part, many Irish Charities already have adopted SORP either in full or in part. There is confusion around whether Charities of a certain size will need to be audited, especially when the new Companies Acts comes into force (aimed at reducing the reporting burden on small companies). Another factor is the Revenue Commissioners who often will request copies of Audited Accounts for those organisations with a CHY number. Our advice for good governance is to Audit your Charity, whether is's a Statutory obligation or not. We have extensive experience working on charity accounts and on charity audits. We can advise charities, big and small, on how to position themselves to adopt the new rules as set out in the new Charities Act & Regulatons.
Owner Managed Company (OMC's)
Audit Following the Multi-Unit Developments Act (MUD’s) 2011, there are a number of new considerations in the auditing of commercial and residential property management companies. We have invested heavily in designing an audit approach that is compliant with International but that is also appropriate to the unique circumstances of a property management company. We have a team dedicated to this work who are constantly up to date with the relevant reporting requirements. For a cost effective solution for your management company call us for a competitive quote.
Service Charge Audits
Our service charge audit service aims to assist property management agencies and property owners with their service charge obligations and obtain certification of expenditure, which will provide transparency and accountability. Our clients rely on us to deliver a comprehensive, flexible, value-for-money service backed by a thorough understanding of the commercial property industry. We ensure that recoverable and non-recoverable expenses are correctly allocated. We currently undertake service charge audits and related work for client properties varying in size from small commercial sites to large regional shopping centers.