ComplianceSME

Ireland · Financial statements, the annual return and audit

Voluntary revision of defective financial statements and reports

the Companies Act 2014 · sections 366 to 369, 371 and 374 to 377

Where the problem is

A company that finds an error after filing cannot simply file a corrected set. Where copies of the original statutory financial statements or the original directors' report have already been laid before the members in general meeting or delivered to the Registrar, section 366(2) governs what the revision may do and how it must be effected, by replacement or by supplementary note. The route chosen changes what has to be sent and to whom.

The deadlines that follow the revision are short and they are separate. The auditors' report made in accordance with section 371(2) must be delivered to the Registrar within 2 months after the date of the revision (section 371(3)). The directors must send the copies section 374(2) requires to the persons it names, and must also send a copy of the revised financial statements or revised directors' report to the further persons section 374(3) names not more than 28 days after the date of revision.

What the Companies Act 2014 requires

Sections 366 to 369 govern the voluntary revision of statutory financial statements and of the directors' report, the form the revision may take, the effect of a revision on the original documents and the auditors' involvement in it. Sections 371 and 374 to 377 govern the reporting, publication, laying and delivery that follow a revision.

The revision regime exists so that a defective set can be corrected without waiting for the next financial year. The price of that is a fixed set of consequential steps, and each of those steps carries its own recipient list and its own period. A revision that is prepared but not circulated leaves two versions in circulation at once.

The tool that solves it

Files 61 and 62 of the IE-COMPANY package cover this situation. File 61 works through the decision to revise, the defect identified, the route chosen and the documents produced. File 62 works through publication, laying and delivery: who received the revised documents, on what date, when the auditors' report reached the Registrar and whether the 2-month and 28-day periods were met.

This situation is covered by these files from the pack IE-COMPANY

Files for this situation

Free · this situation only

The working files named above cover this situation. You take them from your free ComplianceSME account when this situation arises, and you come back to the site for the next situation.

You take the starter pack first: PRINT_ME_FIRST.pdf, the training file T_TRAIN, the four volumes of the reference file T_HELP, and File 1, which builds the ENTITY_PASSPORT.md that the other files require. The situations open in your account once you have taken the starter pack.

Take the files for this situation

The free system

Free · with a free account

The ComplianceSME system for the Companies Act 2014 is free. It needs a free ComplianceSME account and runs inside your own Claude account. It holds 215 working files, the training file, the reference file in four volumes, the regulation analysis, the final review with the gap analysis, and the report assembly. You take the starter pack first, and after that the files for one situation at a time, as each situation arises.

The starter pack holds PRINT_ME_FIRST.pdf, the training file T_TRAIN, the four volumes of the reference file T_HELP, and File 1, which builds the ENTITY_PASSPORT.md that every other working file requires. Print PRINT_ME_FIRST.pdf and read it before any other file.

The system runs in your own Claude account. Upload the files, type START, and the system asks you one question at a time until it has built your documentation, citing the section at every point.

Take the starter pack

ComplianceSME tracks the Companies Act 2014 and issues update files through the membership, so that you are never working from a superseded version. Membership

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