When a business begins searching for audit-related services, it is usually a sign of growth or a change in circumstances. Whether your company has reached a statutory size threshold, received a request from a lender, or—as is common—missed a filing deadline and lost its audit exemption, the process requires careful management.
At OSA McQuillan, we specialise in Audit Management and Readiness. While we do not act as the Statutory Auditor ourselves, we serve as the professional bridge between your company and the audit firm. We prepare your files to the highest standards, ensuring the process is efficient, cost-effective, and successful.
Why Your Company May Need an Audit
In Ireland, a company may require an audit for several reasons. Some are planned, while others are the result of missed deadlines. Common triggers include:
- Statutory Requirements: Exceeding the size thresholds under Irish Company Law.
- Late Annual Returns: If a company is late filing with the Companies Registration Office (CRO), it typically loses its audit exemption for the following two years. We specialize in “Audit Recovery,” helping late-filing companies navigate this mandatory requirement quickly to restore their “Good Standing.”
- External Requests: Requirements from banks, investors, or grant providers.
- Governance: Improved confidence for shareholders and stronger internal financial controls.
Our Role: Making the Audit Seamless
The audit process can be daunting and disruptive if not managed correctly. We act as your Audit Preparation Partner to take the pressure off your internal team.
Our work focuses on ensuring your records are “Audit Ready” by reviewing:
- Revenue, sales, and payroll records.
- VAT, tax balances, and bank reconciliations.
- Fixed assets and director transactions.
- Full financial statement disclosures.
By having us prepare your “Audit Pack” before the auditors arrive, you significantly reduce the time the auditors spend on-site, which often leads to lower audit fees and fewer “management letter” points.
The Value of Professional Audit Management
Many business owners see an audit as a mere compliance hurdle. However, when we manage the process for you, it becomes a strategic tool. We help you:
- Identify and fix weaknesses in bookkeeping or internal controls.
- Ensure all reconciliations are accurate before they are scrutinized.
- Modernize financial processes to support a growing business.
Specialised Support for Late Filings
If your company is searching for an audit because it is late with CRO filings, time is of the essence. A late filing isn’t just a paperwork issue; it’s a compliance risk.
We understand the urgency of these situations. We work rapidly to reconstruct records where necessary, liaise with independent statutory auditors on your behalf, and ensure your filings are brought up to date to minimize further penalties or legal complications.
Choosing the Right Partner
When looking for audit-related support in Ireland, you need an advisor who understands the technicalities but speaks your language.
What to ask before starting:
- Has my company definitely lost its audit exemption due to lateness?
- Is my “Audit Pack” complete enough to avoid delays?
- How can we streamline the process to keep audit fees manageable?
- What steps can we take to regain our audit exemption in the future?
Conclusion: Clarity and Confidence
Whether your audit is a statutory requirement or the result of a late filing, it should be more than a year-end formality. With the right professional oversight, the process provides a “health check” for your business, giving you, your bank, and the Revenue total confidence in your accounts.
Contact us today to discuss how we can manage your audit readiness and get your company’s compliance back on track.
