Audit Services

A company in Ireland is generally required to have a statutory audit when it no longer qualifies for audit exemption under the Companies Act. This usually happens when the business exceeds the relevant size thresholds for turnover, balance sheet total or employee numbers for two consecutive financial years.

Audit requirements can also arise where a company is part of a group structure, where lenders or investors require independently audited accounts, or where specific regulatory obligations apply.

For many growing SMEs, the first audit becomes necessary as the business scales and financial reporting becomes more important for governance, funding and long-term planning.

As of the current Companies Act thresholds, a company may qualify for audit exemption if it meets at least two of the following three criteria:

• Turnover not exceeding €15 million
• Balance sheet total not exceeding €7.5 million
• Average employee number not exceeding 50

These thresholds should always be reviewed carefully, particularly where there are group companies, holding structures or special sector requirements involved.

It is important not to wait until the deadline is approaching. Early preparation makes the first statutory audit significantly smoother and less disruptive.

Yes — in many cases, a voluntary audit can be a strong strategic decision, even where it is not legally required.

A voluntary audit can improve confidence with banks, investors, shareholders and potential acquirers. It can also strengthen internal financial controls, improve reporting quality and help management identify risks before they become larger issues.

For owner-managed businesses preparing for growth, succession planning, acquisition activity or external funding, a voluntary audit often provides commercial value far beyond compliance.

Sometimes the best reason for an audit is not that you must have one — but that the business benefits from having one.

The timing of a first statutory audit depends on the size and complexity of the business, the quality of financial records and how prepared the finance function is before the process begins.

For many SMEs, the audit process may take several weeks from planning to final sign-off, although preparation should begin much earlier. A first audit often requires additional work around documentation, reconciliations, controls and financial reporting processes.

The earlier management prepares, the smoother the audit becomes. A good audit partner will help identify what is needed in advance so that disruption to day-to-day operations is kept to a minimum.

Audit fees vary depending on the complexity of the business, turnover, number of entities, quality of financial records and the amount of preparation already completed by the internal finance team.

Factors such as stock levels, multiple locations, group structures, sector regulation and system quality can all affect the level of audit work required.

The cheapest audit is rarely the best value. A well-run audit should provide confidence, stronger reporting and practical commercial insight — not simply a compliance certificate.

At JJ Byrne & Co, we focus on delivering audits that are commercially useful as well as professionally robust.

Yes — businesses can change auditors, and many do so when they feel they have outgrown their current provider or need stronger audit support.

Common reasons for changing auditors include business growth, increased complexity, a need for more senior-led advice, preparing for investment or dissatisfaction with responsiveness and service levels.

The transition process is usually straightforward when handled properly. Your new auditor will manage the professional clearance process and help ensure continuity with minimal disruption.

For many growing SMEs, changing auditor is less about replacing a provider and more about finding a partner better suited to the next stage of growth.