Audit & Assurance
While most small Irish companies are exempt from audit, there are certain circumstances where an audit is required — such as when the company is part of a larger group or if audit exemption has been lost due to late filings.
At JP Egan & Company, we provide efficient, professional Audit & Assurance services that help meet your statutory obligations and provide added confidence in your financial reporting.
We follow a structured, risk-based approach to every audit, working in line with International Standards on Auditing (ISAs) and using up-to-date electronic systems to ensure accuracy, transparency, and consistency. Our audit team — including partners, managers, and support staff — works as one to deliver a cost-effective, streamlined service while addressing technical issues promptly and practically.
If your company forms part of an international group, we can liaise directly with group auditors and overseas finance teams, ensuring all group audit requirements are met and deadlines are adhered to.
Our experience with multinational structures and group reporting standards helps minimise disruption while ensuring full compliance.
Whether you need a statutory audit, group audit, or a voluntary assurance engagement for investors or stakeholders, we’re here to deliver trusted, independent insight — efficiently and professionally.
Things to Know or Watch Out For with Audit & Assurance
- Audit Exemption is Based on Size Criteria
Companies must meet two of the following: turnover under €12m, balance sheet total under €6m, and fewer than 50 employees. Failing to meet these can trigger an audit requirement. - Late Annual Return Filings Remove Audit Exemption
If your company misses its CRO annual return deadline, you automatically lose audit exemption for two years — even if you otherwise qualify. - Group Companies May Lose Small Company Status
Being part of a larger group can disqualify a company from the audit exemption, even if it’s small on its own. We can assess your status and explain your obligations. - Voluntary Audits Can Add Credibility
Some companies choose to have an audit even when not required — for added credibility with banks, investors, or potential buyers.
- You Must Provide Access to Complete Records
Auditors require full access to your books, bank statements, payroll records, and supporting documentation. Incomplete records may delay completion and increase costs. - An Audit is Not the Same as Bookkeeping or Tax Work
An audit is an independent assessment — it doesn’t replace proper accounting, bookkeeping, or tax return preparation. - You Need to Plan for Audit Timelines
Audits must be scheduled in advance and completed in time for statutory filings. We’ll work with you to agree a timeline that avoids last-minute issues. - Group Audits Require Coordination Across Borders
If your company is part of an international group, coordination is often required with parent company auditors. We can manage this process on your behalf.
JP Egan & Company
Frequently Asked Questions
No — many small companies are exempt if they meet the required criteria. However, exemptions can be lost due to late filings or if the company is part of a larger group.
To qualify for exemption, a company must meet at least two of the following: turnover less than €12 million, balance sheet under €6 million, and no more than 50 employees.
Late audits can lead to missed filing deadlines with the CRO, penalties, and potential loss of audit exemption in future years. We help you stay on schedule.
Yes — many businesses request voluntary audits to increase transparency for lenders, investors, or directors. We’re happy to provide this service where requested.
It depends on the size and complexity of your business. Typically, audits are completed within a few weeks once all records are available. We’ll agree a clear timeline with you.
An audit provides a higher level of assurance and follows regulated auditing standards. A review is less in-depth and may not satisfy certain legal or group reporting requirements.
Possibly. Even if your company is small, being part of a group may disqualify you from audit exemption. We can help assess your situation and obligations.
Yes — we regularly work with international firms and group auditors to ensure all reporting, consolidation, and sign-off requirements are met smoothly and efficien
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