Audit, Assurance & Compliance Services Dublin
McManus McCabe Chartered Accountants provides statutory audit, internal audit, Revenue compliance support, and assurance engagements for limited companies, charities, credit unions, and owner-managed businesses across Ireland. Based in Dublin, we work with businesses that need reliable, proportionate compliance advice from qualified professionals who understand the Irish regulatory environment.
Statutory Audit in Ireland
A statutory audit is an independent examination of a company's financial statements, carried out to give shareholders, directors, and other stakeholders reasonable assurance that the accounts give a true and fair view of the company's financial position.
Who Requires a Statutory Audit in Ireland?
Under the Companies Act 2014, an Irish limited company must have its financial statements audited unless it qualifies as a small company under Section 358 and elects to avail of the audit exemption. To qualify for audit exemption, the company must meet at least two of the following three criteria:
- Turnover not exceeding EUR12 million
- Balance sheet total not exceeding EUR6 million
- Average number of employees not exceeding 50
Additionally, the company must not be a parent company, a subsidiary company that is required by its parent to be audited, a company that is the subject of a direction by a member under Section 334, a public limited company, a financial institution, or a company holding a statutory licence.
Even where audit exemption is available, many SME directors and their lenders, investors, or funders may require audited accounts as a condition of lending or funding. McManus McCabe advises on whether audit exemption is appropriate and prepares audited financial statements where required.
The Statutory Audit Process
- Engagement and planning - scope, risk assessment, materiality, timetable
- Interim audit work - review of internal controls, systems, and accounting records
- Final fieldwork - substantive testing of balances, transactions, and disclosures
- Management letter - reporting of control weaknesses and recommendations
- Audit report - independent auditor's report on the financial statements
- Filing - preparation and filing of abridged financial statements with the CRO
Revenue Compliance Audit Support
A Revenue compliance audit is a detailed examination of a taxpayer's books, records, and returns. It is the most serious form of Revenue intervention and is distinct from an aspect query or a profile interview. A Revenue audit carries the risk of significant tax-geared penalties, interest charges, and publication of the settlement in the Tax Defaulters List.
Types of Revenue Audit
| Intervention Type | Risk Level | Description |
|---|---|---|
| Aspect Query | Low | Revenue seeks clarification on a specific return item. No audit opened. Respond in writing, ideally via advisor. |
| Profile Interview | Low-Medium | Revenue requests a meeting to review overall tax affairs. No automatic audit conclusion. |
| Compliance Intervention (Level 1-3) | Medium | Structured Revenue intervention. Three levels from targeted check to full examination. See: Revenue compliance interventions Ireland. |
| Revenue Audit | High | Formal audit of books and records. Letter of notice triggers the audit. Tax-geared penalties of up to 100% may apply if no qualifying disclosure made. |
| Investigation | Very High | Revenue investigation into suspected serious tax evasion. No qualifying disclosure offset. May involve Revenue Solicitor and prosecution referral. |
How McManus McCabe Can Help
Receiving a Revenue audit notice can be alarming. The most important step is to engage a qualified advisor before you respond to Revenue. McManus McCabe provides:
- Review of the audit notice and determination of scope
- Assessment of whether a qualifying disclosure (voluntary or prompted) should be made before the audit commences
- Calculation and payment of any tax, interest, and penalties due under a qualifying disclosure
- Preparation of books, records, and documentation for the audit
- Representation at the audit meeting and ongoing liaison with the Revenue auditor
- Management of the audit to conclusion and review of the audit settlement
A qualifying disclosure made before a Revenue audit commences (unprompted) reduces the penalty applicable to deliberate behaviour from 100% to 50% of the tax underpaid. A prompted qualifying disclosure (made after audit notification but before the audit starts) reduces it to 75%. Making no disclosure and having under-declared tax identified in the audit attracts the full penalty range.
Audit, Assurance & Compliance Services
Internal Audit
Internal audit is an independent, objective assurance and consulting activity designed to add value to and improve an organisation's operations. Unlike statutory audit (which reports to shareholders), internal audit reports to management and the board or audit committee.
McManus McCabe provides co-sourced and outsourced internal audit services for SMEs, semi-state bodies, and not-for-profit organisations that require the benefits of internal audit without the cost of a full-time internal audit function. Services include:
- Risk-based internal audit planning
- Audit of financial controls, procurement controls, and payroll
- Review of compliance with policies, procedures, and regulatory requirements
- Fraud risk assessment and fraud investigation support
- Reporting to audit committee or board
Charity Audit and Compliance
Charities registered with the Charities Regulator are required to submit annual reports and financial statements. Charities with an annual income over EUR500,000 must have their accounts independently examined; charities with an income over EUR1 million or assets over EUR3 million must have a full statutory audit.
McManus McCabe has extensive experience of charity audit and can assist charities with:
- Statutory audit for charities meeting the audit threshold
- Independent examination for smaller charities
- Charities Regulator annual report preparation and filing
- Governance review and compliance with the Charities Governance Code
- SORP (Statement of Recommended Practice) compliant accounts preparation
CRO Annual Return Filing
All Irish limited companies are required to file an annual return (B1 form) with the Companies Registration Office (CRO) each year. The annual return must be accompanied by financial statements (abridged for small companies, full for others). Late filing attracts a late filing fee and, if more than 28 days late, the company loses its right to audit exemption for two years.
McManus McCabe manages the preparation and filing of CRO annual returns as part of the annual compliance package for all company clients, ensuring deadlines are met and no loss of audit exemption occurs.
Assurance Engagements
Not all assurance needs require a full statutory audit. McManus McCabe provides a range of assurance services tailored to specific requirements:
- ISAE 3000 agreed-upon procedures - specific tests and reporting on a defined scope
- Comfort letters for lenders and investors - assurance on specific financial matters
- Grant audit - reporting to funders on the application of grant funding
- Reporting accountant engagements - due diligence reporting for transactions
- Special purpose reports - specific assurance required by regulators or funders
Compliance Overview: Key Irish Filing Deadlines
| Obligation | Who it Applies To | Deadline | Filed With |
|---|---|---|---|
| Annual Return (B1) + Accounts | All limited companies | Within 56 days of ARD (Annual Return Date) | CRO |
| Corporation Tax Return (CT1) | All companies | Within 9 months of accounting period end | Revenue (ROS) |
| Income Tax Return (Form 11) | Self-assessed individuals | 31 October (or mid-November for ROS payment) | Revenue (ROS) |
| VAT Returns (bi-monthly) | VAT-registered businesses | 23rd of the month following the period | Revenue (ROS) |
| Payroll (P30 - employer PAYE/PRSI/USC) | All employers | Monthly - 14th of following month | Revenue (ROS) |
| Charity Annual Report | Registered charities | Within 10 months of financial year end | Charities Regulator |
Frequently Asked Questions
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Does my Irish company need a statutory audit?
Your company requires a statutory audit unless it qualifies for audit exemption under Section 358 of the Companies Act 2014. To qualify, it must meet at least two of: turnover under EUR12m, balance sheet under EUR6m, employees under 50 - and must not be a parent or subsidiary company, regulated entity, or holding a statutory licence. If you are unsure whether your company qualifies, McManus McCabe can advise. -
What is a Revenue compliance audit in Ireland?
A Revenue compliance audit is a formal examination of a taxpayer's books, records, and tax returns by Revenue Commissioners officers. It is the most serious level of Revenue intervention. A formal audit notice letter triggers the audit. Tax-geared penalties apply to any tax underpayment identified. A qualifying disclosure made before the audit notification can reduce penalties significantly. McManus McCabe provides full representation throughout the audit process. -
How long does a Revenue audit take in Ireland?
A Revenue audit in Ireland can take anywhere from a few months for a focused single-tax audit to 12-18 months for a multi-tax, multi-period audit involving significant records review. McManus McCabe manages the process on behalf of clients, including all correspondence with Revenue and representation at audit meetings, to minimise disruption and reach a timely conclusion. -
Can you appeal a Revenue audit decision in Ireland?
Yes. If you disagree with a Revenue audit assessment, you can appeal to the Tax Appeals Commission (TAC), an independent statutory body that hears tax appeals in Ireland. The TAC replaced the Office of the Appeal Commissioners in 2016. McManus McCabe can advise on whether an appeal is appropriate and assist with the preparation and submission of a TAC appeal.
Audit, Assurance & Compliance Services Dublin
McManus McCabe Chartered Accountants provides statutory audit, internal audit, Revenue compliance support, and assurance engagements for limited companies, charities, credit unions, and owner-managed businesses across Ireland.
