New Companies Act 2014 – Audit Exemptions
As part of the provisions of the New Companies Act 2014 from June of 2015 (when the law is expected to take effect) there will be greater scope for audit exemptions for certain types of companies. Under the new act Groups and Companies Limited By Guarantee with no Share Capital can avail of Audit Exemption Status if they are under the prescribed threshold. This will reduce the cost and administrative burden of annual audits for certain types of companies as they will no longer be required the legal requirement of complying with an audit. Examples of companies that this may apply to incudes:
- Members Organisations
- Sports Organisations
- Residential Property Management Companies
- Students Unions
- Members Clubs
- Holding Companies
If you are operating in any of these types of companies your organisation may be eligible for Audit Exemption Status for your 2015 accounts. Contact Avid Partners today to enquire as to the likely status of your organisation regarding your next years audit. Call us on 0818 303087 or email us at email@example.com.
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