§ 205C — Small company exempt from audit requirements

205C.—(1) Subject to subsections (3), (4) and (6), a company that is a small company in respect of a financial year is exempt from audit requirements for that financial year.[36/2014]

(2) Section 205B(4), (6) and (7) applies, with the necessary modifications, to a small company so exempt.[36/2014]

(3) Subsection (1) does not apply to a parent company unless the parent company —(a)

is a small company; and

(b)

is part of a small group.[36/2014]

(4) Subsection (1) does not apply to a subsidiary company unless the subsidiary company —(a)

is a small company; and

(b)

is part of a small group.[36/2014]

(5) In this section, “small company” and “small group” have the meanings given in the Thirteenth Schedule.[36/2014]

(6) This section does not apply to a company with respect to its financial statements for a financial year commencing before 1 July 2015 and such a company must prepare its accounts or consolidated accounts and its directors must lay them at its annual general meeting in accordance with Part VI in force immediately before that date.[36/2014]

(7) Without limiting section 197(2), a company mentioned in subsection (6) must, when lodging a return with the Registrar under section 197, attach a copy of the accounts or consolidated accounts so prepared.[36/2014]

—(1) Subject to subsections (3), (4) and (6), a company that is a small company in respect of a financial year is exempt from audit requirements for that financial year.[36/2014]

(2) Section 205B(4), (6) and (7) applies, with the necessary modifications, to a small company so exempt.[36/2014]

(3) Subsection (1) does not apply to a parent company unless the parent company —(a)

is a small company; and

(b)

is part of a small group.[36/2014]

(4) Subsection (1) does not apply to a subsidiary company unless the subsidiary company —(a)

is a small company; and

(b)

is part of a small group.[36/2014]

(5) In this section, “small company” and “small group” have the meanings given in the Thirteenth Schedule.[36/2014]

(6) This section does not apply to a company with respect to its financial statements for a financial year commencing before 1 July 2015 and such a company must prepare its accounts or consolidated accounts and its directors must lay them at its annual general meeting in accordance with Part VI in force immediately before that date.[36/2014]

(7) Without limiting section 197(2), a company mentioned in subsection (6) must, when lodging a return with the Registrar under section 197, attach a copy of the accounts or consolidated accounts so prepared.[36/2014]