s 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]