Statutory accounting is the foundation of compliance services at Azets. Our accounts team pride themselves on their comprehensive knowledge of current, local and international accounting standards and their ability to apply this to assist you with your company’s statutory accounts.

On the back of recent changes in company law, several Irish and international companies are in a position to file audit exempt statutory accounts with the Company’s Registration Office (“CRO”) rather than incurring the costs of having those accounts audited.

At Azets, we will not only assist with the preparation of the statutory accounts, we will go the extra mile to:

  • Take time to get to know you, and your business
  • Help your business grow and ensure it achieves its business objectives in local and international markets
  • Understand your needs and adapt our services accordingly to suit your requirements
  • Provide professional services for you and your company

We are ready to help

With 230 colleagues and 4 offices in Dublin, Enniscorthy and Waterford, Azets is part of a team of 7,500 talented, smart people across our international office network. Offering a personal, local approach to supporting Irish businesses, if you’re looking for peace of mind, expert advice and more time, we’re ready to help.


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Our Audit & Assurance Services

At Azets, we will assist company directors with the preparation of their year-end statutory accounts with a focus on;

  • Preparation of statutory financial statements in accordance with accounting standards
  • Management accounting
  • Outsourced finance function
  • Preparing the statutory financial statements from the accounting records provided by you
  • Providing advice in respect of interpretation of accounting standards and company law
  • Ensuring FRS disclosures are consistent with accounting standards and company law

Interpretation of accounting standards

Our team pride themselves on their in-depth knowledge of current accounting standards including International, Irish and UK Generally Accepted Accounting Principles (GAAP) and the new Financial Reporting Standards 101 -102. Our team will assist you with the identification, interpretation and implementation of the accounting standard that is most relevant to your business.

Outsourced finance function

Our team will work with you to provide key financial reports and your business key performance indicators (KPIs) to enable you to focus on your business development and growth.

Our outsourced finance function includes the following services:

  • Payroll
  • Provision of monthly or quarterly management accounts and reports
  • VAT returns
  • PAYE returns
  • Cash flow forecasts
  • Banking and financial advice
  • Advice on implementing accounting systems

Does your company/group meet the following audit exemption requirements under the Companies Act 2014;

  • Turnover €12.m
  • Balance sheet €6m
  • Employees 50

Has your company met the annual return filing requirements in the current and prior year? If you consider your company/group meets the above requirements, please contact any member of our accounting team to discuss further your requirements.

The primary objective of an audit is to provide an independent opinion on your annual financial statements. For us, it is more than a compliance service. Our approach is to gain a detailed knowledge and understanding of your business and be able to quickly identify risks as well as areas of potential improvement. Our audits are partner-led and everything we learn is transferred back to you to assist your business achieve its objectives.

Our Audit Team

We will ensure as much as possible that the same audit team will perform the audit each year, thereby bringing forward their knowledge of your business. Our audit team will also be fully accessible to you throughout the year.

Through gaining a full understanding of your business and the historical information provided in the statutory accounts, our audit team will provide the most suitable business advice for your company. Our post audit report will enable your business to plan its future objectives.

Switching to Azets

Our audit team will ensure switching auditors causes minimum disruption to you and your company. Our team will guide you through the process and ensure open communication with you every step of the way.

Family businesses in Ireland and internationally have a long and fascinating history. Family businesses comprise 75% of businesses in Ireland, which makes the family business the most dominant model. So surely, by now, the model has developed a formula for success?

Unfortunately, this is not the case. Each family is unique, and each family business is unique, which means each business requires customised plans and tailor-made solutions.

The fact is that an owner-managed, intergenerational business is a very difficult model to get right. There are business issues, personal issues, emotional issues and legacy issues to contend with, which can make for a perfect storm of challenges. The statistics tell their own story: only 30% of family businesses transfer successfully to the second generation; and only 12% to the third generation. Those aren’t very attractive odds.

Reasons for failure of family businesses

In our experience, the top three reasons for failure are:

  • Poor succession planning
  • Unprepared/inadequately trained next generation
  • Family conflict – roles/remuneration/voting rights

Why do family businesses succeed?

When a family business is well-run, with a strong vision, a clear appreciation of strengths and weakness and solid governance structures underpinning the enterprise, it can be a dynamic business model. To the advantages of great customer service, swift reactions and a strong belief in the products; this can be added an unrivalled sense of loyalty, a deep commitment to succeed and pass on a legacy, and a huge sense of investment and satisfaction in the success of the enterprise.

Family businesses succeed when they:

  • Have a clear vision of present performance, their future ambitions and how to achieve them
  • Have a variety of skills available among the family members
  • Encourage family members to work elsewhere first, then bring their experience and knowledge back to the family business
  • Establish effective governance structures that ensure the business is run in a professional manner
  • Promote clear, fair and effective communication at all levels
  • Take the time to prepare a succession plan that is thorough and agreed through consensus

It is easy to list out the things that will deliver success, but it can be very challenging to implement them in practice. There are a myriad of obstacles to overcome in setting up a good structure, and at times it might seem impossible. The help of an objective, expert family business consultant is invaluable to establish the right targets and achieve them.

How we can help you?

At Azets, we have developed the Family and Owner Managed Business Programme specifically to assist owners and their families to overcome these challenging issues. We have wide experience in dealing with all types of family business issues. If you feel you could benefit from our services, contact us to arrange a free initial consultation. Once we have talked through your business and how you run it, we will be able to draw up a plan that will resolve your issues and promote growth and success.

This area includes matters such as due diligence reviews, financial investigations and dispute support services. Every corporate transaction typically involves some form of financial due diligence and we often work with other legal and accounting firms to collaborate on projects. Read more here.

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Whether you know what you need or just want to explore your options, we're here to help.