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UK Business Secretary, Vince Cable, has announced that over 100,000 companies in the UK may save millions of pounds in administration and accountancy costs through a reduction in auditing and financial reporting requirements.
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Almost exactly one year after the Irish Government announced the audit exemption for SMEs, the exemption has finally come into effect.
All Irish Companies are required to have their financial statements audited, except where they meet the criteria for, and actually claim, the audit exemption.
A consultation issued by the Department for Business, Innovation and Skills has proposed plans to allow more small companies to avail of audit exemptions in the UK.
