Companies Act 2014 section 358

Main conditions for audit exemption — non-group situation

Section 358 sets out the main conditions a company must meet to avail of an exemption from having its statutory financial statements audited, where the company is not part of a group.

• A company may claim audit exemption for a financial year if it qualifies as a small company for that year, as determined under sections 280A and 280B.
• If the company was part of a group during any part of the financial year, the audit exemption does not apply unless the entire group qualifies as a small group under section 359.
• The definition of "group" in relation to a group company is interpreted in accordance with section 359(1)(b).
• This section does not affect the separate special audit exemption available to dormant companies under Chapter 16.