ARTICLE · 05 JUNE 2007

Audit Exemption

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A private company incorporated under the Isle of Man Companies Acts 1931-2004 which qualifies as an “audit exempt company” may, by members resolution, elect to dispense with compliance with the requirements of the Isle of Man Companies Acts 1931-2004 which relate to the audit of the accounts of companies.

Isle of ManWealth Management

Joanne Geldart

Requirements for audit exemption

A private company incorporated under the Isle of Man Companies Acts 1931-2004 which qualifies as an "audit exempt company" may, by members resolution, elect to dispense with compliance with the requirements of the Isle of Man Companies Acts 1931-2004 which relate to the audit of the accounts of companies. A resolution for the purpose of making such an election must be unanimously approved by 100% of the members of the company.

An election for audit exemption will only have effect in respect of the financial statements for the financial year in which the election is made and subsequent financial years. An election for audit exemption cannot have retrospective effect.

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