Pearse Trust Blog

Audit Committees – The Facts In 2 Minutes

Posted by Pearse Trust on Wednesday, Nov 30, 2016

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.

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Tags: Directors, Corporate Governance, Audit

The Importance Of Auditor Independence

Posted by Pearse Trust on Wednesday, Nov 23, 2016

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.

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Tags: Ireland, Corporate Governance, Audit

New Simplified Reporting For UK Micro Entities

Posted by Pearse Trust on Monday, Feb 15, 2016

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.

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Tags: Legal, Incorporation, United Kingdom, Accounting, Tax, Audit

How To Appoint An Auditor To A UK Limited Company

Posted by Pearse Trust on Monday, Dec 07, 2015

In this blog we will focus on the various methods whereby a UK Limited Company can appoint an Auditor.

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Tags: United Kingdom, Audit

Risk Management – Ensure The Organisation Benefits

Posted by Pearse Trust on Monday, Nov 18, 2013

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.

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Tags: Corporate Governance, Audit, Risk Management

Is Your UK Company Now Audit Exempt?

Posted by Pearse Trust on Wednesday, Nov 14, 2012

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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Tags: Legal, United Kingdom, Accounting, Audit

€5 Million Savings For Irish SMEs As Audit Exemption Rule Takes Effect

Posted by Pearse Trust on Wednesday, Sep 26, 2012

Almost exactly one year after the Irish Government announced the audit exemption for SMEs, the exemption has finally come into effect.

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Tags: Ireland, Legal, Audit

Criteria For Availing Of Audit Exemption For Irish Companies

Posted by Pearse Trust on Monday, Jun 25, 2012

All Irish Companies are required to have their financial statements audited, except where they meet the criteria for, and actually claim, the audit exemption.  

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Tags: Ireland, Accounting, Audit

Proposed Audit Exemptions for UK SMEs

Posted by Pearse Trust on Wednesday, Nov 09, 2011

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.

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Tags: Legal, United Kingdom, Audit