Companies Act 2014 section 333

Statutory financial statements must be audited (unless audit exemption availed of)

Section 333 requires the directors of a company to ensure that the company's statutory financial statements are audited each year, unless the company qualifies for and chooses to take advantage of an audit exemption.

• Directors are responsible for arranging the audit of the company's statutory financial statements for each financial year.
• The audit must be carried out by statutory auditors.
• The audit requirement does not apply if the company is entitled to an audit exemption and chooses to avail of it.
• This provision was introduced as a new explicit requirement under the Companies Act 2014, replacing the previous indirect obligation under the Companies Act 1963 to appoint auditors at each annual general meeting.