In Ireland, a company is deemed to be audit exempt if it fulfills all the criteria set out below in both the current and previous year; * The company must be a Private Limited Company; * The amount of turnover of the company must not exceed €7.3 million; * The total assets of the company are less than €3.65 million at the end of its financial year; * The average number of employees must not exceed 50; * The company must not be a parent company or a subsidiary company; * The company must not come within one of 19 classes of companies listed in the Second Schedule to the