An audit committee can play a very important role in a company’s corporate governance policy. Any company in Ireland may set up an audit committee, however the Companies Acts do indicate that ‘public interest entities’ such as banks, insurance companies and companies with shares quoted on a stock exchange must have an audit committee.Read More
Pearse Trust Blog
The primary purpose of an audit is to provide company shareholders with an expert, independent opinion as to whether the annual accounts of the company reflect a true and fair view of the financial position of the company and whether they can be relied on. Independence is the main means by which an auditor demonstrates that he can perform his task in an objective manner.Read More
Following pressure from Europe the Financial Reporting Council (FRC) published a new standard, FRS 105 - The Financial Reporting Standard applicable to the Micro-entities Regime for use by those micro-entities choosing to adopt this simpler regime. This new standard is applicable for companies with accounting periods commencing on or after 1 January 2016 with the option for earlier adoption.Read More
In this blog we will focus on the various methods whereby a UK Limited Company can appoint an Auditor.
As governance codes evolved and gave an increased focus on risk management, many organisations instituted risk management procedures. However, these were often divorced from the day to day activity of the business, both in terms of the process and the types of risk identified. A risk review was undertaken, a risk register developed, and key risks identified. These were presented to the audit committee and the board, then put on the shelf until it was required to be looked at the following year but never integrated into the management process.
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.
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.