Ann Phelan (Carlow-Kilkenny, Labour)
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Question 276: To ask the Minister for Jobs, Enterprise and Innovation his views in respect of amending the Companies Acts to remove the statutory audit requirement from all companies limited by guarantee with an annual income of less than €100,000 in view of the fact that the fee for such a statutory audit is an enormous financial burden on many voluntary groups struggling to survive on local fundraising efforts; and if he will make a statement on the matter. [29265/12]

Richard Bruton (Dublin North Central, Fine Gael)
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The Company Law Review Group (CLRG) 2009 Report examined the issue of extending audit exemption to companies limited by guarantee (CLG). It made the following recommendations:

(i) Subject in each case to consultation with the Minister for Community, Rural and Gaeltacht Affairs and the charities regulator, the audit exemption regime contained in Part III of the 1999 (No. 2) Act be extended to such class or classes of CLG which are charitable organisations (within the meaning of the Charities Act 2009) so as to bring them into alignment with charitable organisations that are not companies, provided that 10% of the members with voting rights should be able to require an audit.

(ii) The audit exemption regime contained in Part III of the 1999 (No. 2) Act be extended to all CLGs which are not charitable organisations, subject to a veto right, by any one member of the company, and further subject to the requirement that audit exemption in respect of the following year, shall be an item on the agenda of the annual general meeting.

Bearing in mind the work done by the CLRG in the matter, I am considering how these issues may best be addressed in the context of the Companies Bill, which I hope to publish later this year.