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Flak for Companies Bill.
(From Irish Independent)
THE proposed Companies (Auditing and Accounting) Bill has come in for further flak, thistime from the Irish Small and Medium Enterprises Association (ISME), which hasestimated that its introduction will mean a hike of 40pc in audit fees for SMEs.
The body has also called on the Government to increase audit exemption thresholds to[euro]7.3m, as provided for by EU legislation, from the current [euro]317,000 level here.
According to the Bill currently before the Oireachtas, all company directors must prepare and sign off on a compliance statement, requiring them to certify that they have complied with tax, company law, and all other relevant statutory requirements includingemployment issues.
ISME said the compliance statement is not a requirement in any other state, and willaffect small businesses badly.
The body added that the current exemption for British companies is ...
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