Companies Act 2014 section 335

Statement to be included in balance sheet if audit exemption availed of

Section 335 requires that when a company avails of the audit exemption, a specific directors' statement must be included on the balance sheet confirming the exemption is being claimed, the qualifying conditions are met, and the directors acknowledge their ongoing obligations regarding accounting records and financial statements.

• The balance sheet must contain a directors' statement confirming the company is claiming the audit exemption under Chapter 15 of Part 6, that the qualifying conditions in section 358 or 359 are satisfied, and that no shareholder notice requiring an audit has been served.
• The directors must acknowledge their obligations to keep adequate accounting records and prepare financial statements giving a true and fair view of the company's assets, liabilities, financial position, and profit or loss.
• The statement must appear immediately above the directors' signatures on the balance sheet, and failure to comply is a category 3 offence for the company and any defaulting officer.
• The Corporate Enforcement Authority may require companies using the audit exemption to provide access to their books and documents to verify compliance with the exemption conditions, and failure to comply with such a request is a category 4 offence.