Billy Kelleher (Cork North Central, Fianna Fail) | Oireachtas source

I thank the Minister for listening to us. The European Union set out the thresholds for companies needing audits under EU Directive 2013/34/EU as companies with a €12 million turnover, €6 million on the balance sheet or over 50 employees. All we are saying is that small companies late with their filings should still be able to go to the District Court and apply to retain the audit exemption. We are one of the only countries that attaches a loss of audit exemption with late filing. Most other European countries do not do it. We would be forcing small companies into a very onerous position.

I acknowledge the Minister's views and bona fides in this regard. Nobody in this room is trying to create a loophole for rogue corporate structures but we are highlighting a small number of companies. Across Europe, the audit exemption is not lost to a small company if it files late but it is lost in this country. That we can retain this option in the District Court at least lightens that burden and potential cost. We should bear in mind that this could happen for a genuine or a force majeurereason. We do not know why a company might be delayed in presenting its accounts for filing. I welcome the Minister's intervention. To be clear, she is not going to move amendment No. 3.

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