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.
Pearse Trust Blog
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.