ICAI criticise low audit exemption threshold
The Institute of Chartered Accountants in Ireland (ICAI) has said that the low audit exemption threshold will become a more serious issue for the competitiveness of Irish business when new international auditing standards are introduced.
The Institute made its comments in a submission to the Small Business Forum (SBF) established by the Government in July.
ICAI President John Greely said: “The introduction of International Standards on Auditing in Ireland with effect from this year has the potential to add significantly to the external audit costs of small companies.
"This is mainly due to the more onerous documentation and procedural requirements of the new standards which are geared primarily towards the audits of large, listed entities.
"However, because the audit exemption threshold in this country is so low the additional cost of the audit will be applied to the small business sector in this country while similar companies in the UK and Northern Ireland will not be affected."
