Companies Act 2014 section 359

Main conditions for audit exemption — group situation

Section 359 sets out the main conditions that must be met for a company within a group to avail of the exemption from having its statutory financial statements audited.

• A "group company" is any company that is either a holding company or a subsidiary undertaking.
• The "group" includes the company itself and all its associated undertakings — that is, entities where one is the subsidiary of the other, or both are subsidiaries of a third undertaking.
• A group company may claim audit exemption for a financial year only if the group as a whole qualifies as a small group under section 280B.
• These provisions do not affect the separate special audit exemption available to dormant companies under Chapter 16.

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