Tom Fleming (Kerry South, Independent)
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127. To ask the Minister for Jobs, Enterprise and Innovation the position regarding an audit of limited companies by guarantee; and if he will clarify the most up to date exemption levels [20792/13]

Richard Bruton (Dublin North Central, Fine Gael)
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Audit exemption was first introduced under the Companies (Amendment) (No.2) Act 1999, allowing private companies which satisfy certain conditions to be exempt from the audit requirements. Currently, to avail of the exemption, the amount of the turnover of the company must not exceed €8.8million and the balance sheet total of the company must not exceed €4.4million. Both these amounts are the maximum allowed under EU law. The average number of persons employed by the company must not exceed 50. The scope for companies to have an exemption from the requirement to have an audit carried out is set out in EU legislation (4th Company Law Directive).

The Companies Bill 2012 contains a provision to extend the audit exemption to companies in a group situation, guarantee companies and dormant companies which meet the above described thresholds.