Seanad amendment No. 92:Section 358: In page 346, to delete lines 6 to 41, and in page 347, to delete lines 1 to 23 and substitute the following:“Main conditions for audit exemption ⁠— non-group situation358.(1)Subject to subsection (3)and the other provisions of this Chapter, section 360(audit exemption) applies to a company in respect of its statutory financial statements for a particular financial year if the company qualifies as a small company in relation to that financial year. (2)For the purposes of this section, whether a company qualifies as a small company shall be determined in accordance with section 350(2), (3), (5), (7), (8), (9)and (10). (3)Section 360does not apply to a company in respect of its statutory financial statements for a particular financial year during any part of which the company was a group company (within the meaning of section 359) unless the group qualifies, under section 359*, as a small group in relation to that financial year (and the other relevant provisions of this Chapter are complied with). (4)In subsection (3)“group”, in relation to a group company, shall be read in accordance with section 359(1)(b). (5)Nothing in this section prejudices the operation of Chapter 16(special audit exemption for dormant companies).”.

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