Transitional Provision

Part 6 – Financial Statements, Annual Return and Audit Section 407 allows existing companies to prepare financial statements as they have been doing thus far – in accordance with the Sixth Schedule to the 1963 Act – for the financial year that begins before, but ends after, the commencement of the Act.    ...

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Revision of Defective Statutory Financial Statements

Part 6 – Financial Statements, Annual Return and Audit What happens where the directors realise that there is an error, or a deficiency, in the statutory financial statements or in the directors’ report? Section 366 deals with this. They may prepare revised documents for that year. This is new. Up to now, directors were not…...

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Special Audit Exemption for Dormant Companies

Part 6 – Financial Statements, Annual Return and Audit There is only one section under this rubric, Section 365, and it is new. It enacts the view that companies which are in a group, but classified as dormant, should be able to qualify for an audit exemption. A dormant company is one which has no…...

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Audit Exemption

Part 6 – Financial Statements, Annual Return and Audit The requirements for an audit exemption were up until now set out in Sections 32, 32A, 33 of the C(A)(No 2)A 1999. Now they are set out in Section 358 et seq (link). There is one new section (Section 364) which states that a holding company…...

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Small and Medium Companies: Disclosures, Exemptions, etc.

Part 6 – Financial Statements, Annual Return and Audit Under what conditions will a company qualify to be treated as a small or medium company? The conditions are set out in Section 350 and they are not new – they are an amended re-enactment of Section 8 of the C(A)A 1986. The only difference is…...

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Annual Return & Documents Annexed to it

Part 6 – Financial Statements, Annual Return and Audit The term “annual return” is new in a Companies Act context. It is introduced by Section 342. The concept, however, will be recognised from Sections 125 and 127 of the 1963 Act. The obligation to make an annual return is set out here (Section 343). It…...

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Publication of Financial Statements

Part 6 – Financial Statements, Annual Return and Audit Every member of the company must be sent a copy of the statutory financial statements, the directors’ report that relates to it, and the statutory auditor’s report. This is true whether or not the member is entitled to receive notices of the company’s general meetings. The…...

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