Irish accountants are demanding that the statutory audit threshold in the
Republic be raised to €7.3m, the maximum level permitted under European law.
The Institute of Chartered Accountants in Ireland made this demand in a
position paper which argues that the disparity between the threshold level in
Ireland, currently at €1.5m, when compared against the UK limit of €6m raised
competitiveness questions for Irish businesses.
The ICAI also argued that the introduction of new and complex auditing
standards introduced for all audits this year, compounded the problem further,
ICAI president John Greely, said:’The bottom line is that a company based in
Dundalk is now facing a different and more costly audit regime than its
counterpart north of the border. This is a competitiveness issue for our SME
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The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
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