CRO annual returns - audit exemption

funnyname

Hi

Just wondering if anyone has a template for audit exempt returns. We are a small community organisation limited by guarantee and we fall under the audit exemption requirements.

Previously we had our accounts prepared professional but we given we don't need (I've spoken to the CRO and confirmed this) to we'd rather put those fees to better use.

Just wondering if there is a template out there we could use just to get us started for this year?

Thanks for looking

FN

onlinepal100

Do you not have a copy of what the accountant prepared and prepare future accounts the same way?

funnyname

onlinepal100 wrote: »

Do you not have a copy of what the accountant prepared and prepare future accounts the same way?

Thanks but I was thinking of something simpler as I believe all I need is a p&l account and a balance sheet with a little preamble and sign off re accounts and audit exemption.

If nothing available handily then I'll work off what was produce last year and downsize.

J.Ryan

Check your constitution and any funding requirements, you may qualify for the exemption due to size criteria, but, if your constitution mandates that you have an audit, you may either have one or amend your constitution (depending on time availability), also check if you are in receipt of any funding, they may require an audit.

funnyname

We're good re constitution but we receive money from Pobal so would that require us to be audited, I did enquire but I didn't get a reply.

J.Ryan wrote: »

Check your constitution and any funding requirements, you may qualify for the exemption due to size criteria, but, if your constitution mandates that you have an audit, you may either have one or amend your constitution (depending on time availability), also check if you are in receipt of any funding, they may require an audit.

ebbsy

There are specific notes etc that have to be put into your accounts.

Get an accountant, especially for Pobal funded companies as you are likely to be audited by them.

Stratvs

funnyname wrote: »

We're good re constitution but we receive money from Pobal so would that require us to be audited, I did enquire but I didn't get a reply.

Not sure if your organisation comes within this but for Community Service Program contracts they appear to require audited financial statements. ( Page 32)

https://www.pobal.ie/app/uploads/2018/05/CSP-Operating-Manual-August-2018.pdf

Separately, even if audited FS are not required in your case, you need to be very clear on what you are doing to ensure compliance with CRO requirments regarding annual returns and submission of FS. Failure to comply can mean loss of audit exemption.

funnyname

Stratvs wrote: »

Not sure if your organisation comes within this but for Community Service Program contracts they appear to require audited financial statements. ( Page 32)

https://www.pobal.ie/app/uploads/2018/05/CSP-Operating-Manual-August-2018.pdf

Separately, even if audited FS are not required in your case, you need to be very clear on what you are doing to ensure compliance with CRO requirments regarding annual returns and submission of FS. Failure to comply can mean loss of audit exemption.

We receive money under the ECCE Scheme but I can't see if that's explicitly covered by the Pobal audit requirement tho.

Stratvs

funnyname wrote: »

We receive money under the ECCE Scheme but I can't see if that's explicitly covered by the Pobal audit requirement tho.

Well then you need to contact them again and get confirmation as to whether they require audited FS or not.

funnyname

Stratvs wrote: »

Well then you need to contact them again and get confirmation as to whether they require audited FS or not.

Got in touch and given we don't receive CCS funding then we're all ok wrt not having to produce audited accounts, but we will still be producing accounts for the CRO under the audit exemption.

Stratvs

funnyname wrote: »

Got in touch and given we don't receive CCS funding then we're all ok wrt not having to produce audited accounts, but we will still be producing accounts for the CRO under the audit exemption.

That's good least you know where you stand now on that.

Back to your original post you may find sample audit exempt FS for CLGs out there ( do a CRO search on past filings and you'll get an idea) but just to emphasise -

Stratvs wrote: »

Separately, even if audited FS are not required in your case, you need to be very clear on what you are doing to ensure compliance with CRO requirments regarding annual returns and submission of FS. Failure to comply can mean loss of audit exemption.

You're unlikely to find free fillable templates or such out there as there are software companies who have invested a lot of money in developing programs to sell to accountants for the purpose of preparing FS which comply with the Companies Acts & Reporting Standards and are kept up to date with changes in legislation.
These are costly.

Bobby1984

Have applied for audit exemption with CRO?

Do you how to e-file the accounts with the CRO?

Do you know how to file an annual return or do you know when a B10 is required?

There are certain disclosures required in the accounts and these have changed almost annually over the past few years with the introduction of the Companies Act 2014, the Companies Accounting Act 2017 and FRS102/105. Copying last years accounts is probably not the best idea.

Accountants do these things every day so they generally know what they are doing. Shop around for a cheaper quote and try save a few quid somewhere else.

funnyname

Bobby1984 wrote: »

Have applied for audit exemption with CRO?

Do you how to e-file the accounts with the CRO?

Do you know how to file an annual return or do you know when a B10 is required?

There are certain disclosures required in the accounts and these have changed almost annually over the past few years with the introduction of the Companies Act 2014, the Companies Accounting Act 2017 and FRS102/105. Copying last years accounts is probably not the best idea.

Accountants do these things every day so they generally know what they are doing. Shop around for a cheaper quote and try save a few quid somewhere else.

After going round the houses and speaking to a lot of different people we don't have to audit our accounts so we are in the process of preparing them ourselves following the template from last year's filed accounts.


Re the process for uploading to the CRO, my understanding is that we have 28 days after the ARD to file the B1 form and then another 28 days to file the returns, is that correct?

Synode

You'll need to create a CORE account on CRO to do the filings.

funnyname

Synode wrote: »

You'll need to create a CORE account on CRO to do the filings.

Yeah thanks, we've already set that up.

Stratvs

funnyname wrote: »

Re the process for uploading to the CRO, my understanding is that we have 28 days after the ARD to file the B1 form and then another 28 days to file the returns, is that correct?

Yes. https://www.cro.ie/Annual-Return/Filing. See the paragraph headed “Online Filing”
Be mindful that the fin stas must be uploaded before the B1 signature page is delivered to the CRO and all must be done within that window. So you need to allow for that.