Audit Assurance & Advisory Service

Audit Assurance

When you are a decision maker, you need to be sure you are acting on reliable information. You need to be aware of your business risks and know that they are managed effectively. You need faith in your underlying systems and controls, and the certainty that you are compliant with key legal requirements. Moreover, you need to be able to instil your shareholders, investors and customers with the same confidence. O'Mahony Donnelly can give you the assurance you need.

You can expect more than an audit

We take pride in transforming every audit from a necessity to an opportunity to highlight ways of improving and boosting our clients' businesses.

Our audit service matches strict compliance requirements with our clients' need to run a successful business. That means minimising any disruption caused by the audit process, and maximising the potential to identify opportunities and issues that can contribute benefits to the business.

Our audit report to management can reveal ways of saving tax, streamlining systems and procedures, strengthening controls, and receiving better management information.

We provide our audit and assurance services to the following categories of client:

Private limited company

Guarantee company

Project Specific

Struck off companies

Audit

O'Mahony Donnelly is registered to carry on audit work in the Republic of Ireland and the UK by the Association of Chartered Certified Accountants and we provide a full audit and accountancy service to companies in either country.

Audit Exemption in Ireland

In Ireland the turnover threshold amount for an audit exempt company has recently being increased to €1,500,000 in respect of financial years commencing on or after 1 July 2004. For years commencing prior to this date the threshold is €317,434.52 for years commencing on or after 21 February 2000 when the audit exemption was first introduced.

In Ireland if a company's annual return for the current year or the previous year was not filed on time, the company cannot avail of the audit exemption.

Audit Exemption in the United Kingdom

In the UK new audit exemption thresholds apply to financial years ending after 30 March 2004. To qualify for total audit exemption, a limited liability partnership must:

• have an average number of employees of 50 or fewer;
• have a turnover of not more than £5.6 million; and
• have a balance sheet total of not more than £2.8 million.

For financial years prior to this date, to qualify for total audit exemption, a limited liability partnership must:

• have an average number of employees of 50 or fewer;
• have a turnover of not more than £1 million; and
• have a balance sheet total of not more than £1.4 million.

Benefits of Retaining the Audit

Despite the continual reduction in the burden of compliance with company law we see the benefits of retaining the audit as follows:

• Enhanced credibility with the revenue authorities.
• Audit can identify key areas of the business that need improvement and the auditor can work with the owners to improve the company's financial management.
• An audit gives assurance that the company has complied with its obligations under company law.
• An audit gives assurance to the customers and suppliers about the financial management of the business, and they are more likely to do business with you.
• Whether or not a company has had its accounts audited may be used by lenders in assessing loan applications.