The effect of amendment No. 48 would be to create a different category of exemption from the requirement to prepare a director's compliance statement to that in the current subsection. Essentially, a small private company with a turnover not exceeding €3.8 million would be exempt, as compared with the turnover threshold of €317,000 under the existing exemption. While the audit review group recommended that the compliance statement should be signed by the directors of all companies, regardless of their size, in subsequent deliberations on the matter, and having regard to the fact that new section 205F requires the auditor to review the directors' compliance statement, we decided to exempt directors of that category of company eligible for exemption from audit from the need to prepare a compliance statement.