Browse an Act, find a provision and read each section in context.
Browse Acts ↓(1) This section applies to the following documents—a directors’ report; a directors’ remuneration report; and a summary financial statement so far as it is derived from either of those reports. (2) A director of a company is liable to compensate the company for any loss suffered by it as a result o…
The regulations may provide for all or any of the following— (a) the financial statements that companies are required by this Act to prepare; (b) the categories of companies required to prepare financial statements of any description; (c) the form and content of the financial statements that compani…
(1) Every company shall submit to the Registrar successive annual returnseach of which is made up to a date not later than the date that is from time to time the company’s return date. (2) The company’s return date is— (a) the anniversary of the company's incorporation; or (b) if the company's last…
(1) A company shall ensure that its annual return states the date to which it is made up and contains the following information— (a) the address of the company's registered office and, if a Post Office box number is given, the physical address of that office; (b) the type of company and its principa…
(1) A company having a share capital shall include in its annual return—(a) a statement of capital; and (b) the particulars required by subsections (3) to (6) about the members of the company. (2) The company shall ensure that the statement of capital states, with respect to its share capital at the…
(1) If a company fails to lodge an annual return as required by section 705(1) orlodges an annual return that does not comply with section 705(3), the company, and each officer of the company who is in default, commit an offence and on conviction are each liable to a fine not exceeding two hundred t…
(1) The directors of a company shall ensure that the company’s annual financial statements for a financial year are audited in accordance with this Part unless the company— (a) is exempt from audit under section 711 or 714; or (b) is exempt from the requirements of this Part under section 716. (2) A…
(1) The members of a company that would otherwise be entitled to exemptionfrom audit under any of the provisions referred to in section 709(1)(a) may by notice under this section require it to obtain an audit of its financial statements for a financial year. (2) Such a notice is effective only if it…
(1) A company that complies with the conditions of subsection (2) in respect of a financial year is exempt from the requirements of this Act relating to the audit of accounts for that year. (2) The conditions are— (a) that the company qualifies as a small company in relation to that year; (b) that i…
A company is not entitled to the exemption conferred by section 711 if it was a public company, or carried on a banking or insurance business, at any time within the relevant financial year.
(1) A company is not entitled to the exemption conferred by section 711 in respect of a financial year during any part of which it was a group company unless— (a) the conditions specified in subsection (2) are satisfied; or (b) subsection (3) applies. (2) The conditions are— (a) that the group— (i)…
(1) A company is exempt from the requirements of this Act relating to the auditof financial statements in respect of a financial year if— (a) it has been dormant since its formation; or (b) it has been dormant since the end of the previous financial year and the conditions in subsection (2) are sati…
A company is not entitled to the exemption conferred by section 714 if it was at any time within the relevant financial year a company that was— (a) an insurance company, a banking company or an e-money issuer; or (b) a company of any other kind prescribed by the regulations for the purposes of this…
(1) The requirements of this Part as to audit of financial statements do not apply to a company for a financial year if it is non-profit making and its financial statements are subject to audit by the Auditor General. (2) In the case of a company that is a parent company or a subsidiary undertaking,…
(1) A private company shall appoint an auditor or auditors for each financial year of the company, unless the directors resolve that an audited financial statement is unlikely to be required. (2) For each financial year for which an auditor or auditors is or are to be appointed (other than the compa…
(1) If a private company has failed to appoint an auditor within the period forappointing auditors, the company shall, within seven days after the end of that period, notify the Registrar of the failure. (2) As soon as practicable after being notified in accordance with subsection (1),the Registrar…
(1) An auditor or auditors of a private company hold office in accordance with the terms of their appointment, subject to the requirements that— (a) they do not take office until any previous auditor or auditors cease to hold office; and (b) they cease to hold office at the end of the next period fo…
(1) An auditor of a private company is not taken to be re–appointed by theoperation of section 719(2) if the company has received notices under this section from members who hold at least the requisite percentage of the total voting rights of all members who would be entitled to vote on a resolution…
(1) A public company is required to have an auditor or auditors for each financial year of the company, unless the directors reasonably resolve otherwise on the ground that an audited financial statement is unlikely to be required for a particular financial year. (2) For each financial year for whic…
(1) If an auditor or auditors have not been appointed for a public company within the period for appointing auditors, the company shall, within seven days after the end of that period, notify the Cabinet Secretary of the failure. (2) As soon as practicable after being notified in accordance with sub…
(1) The auditor or auditors of a public company hold office in accordance withthe terms of their appointment, subject to the requirements that— (a) they do not take office until the previous auditor or auditors have ceased to hold office; and (b) they cease to hold office at the conclusion of the fi…
(1) If an auditor is appointed by the members of a company, the membersshall fix the auditor’s remuneration, either by ordinary resolution or in such as the members may, by ordinary resolution, determine. (2) If an auditor of a company is appointed by the directors, the directors shallfix the remune…
(1) A company shall disclose the terms on which the company’s auditor is appointed, remunerated or is required to carry out his or her responsibilities. (2) In making a disclosure under subsection (1), a company shall—(a) include— (i) a copy of any terms that are in writing; and (ii) a written memor…
The Cabinet Secretary shall ensure that the regulations provide for safeguarding the disclosure of the nature of any services provided for a company by the company’s auditor, whether in the auditor’s capacity as auditor or otherwise, or by the auditor’s associates.
(1) An auditor shall make a report to the members of the company on all annualfinancial statements of the company of which copies are, during the auditor’s tenure of office— (a) in the case of a private company — to be sent out to members in accordance with section 662; or (b) in the case of a publi…
The auditor shall state in the auditor’s report on the company’s annual financial statement whether in the auditor’s opinion the information given in the directors’ report for the financial year for which the financial statement is prepared is consistent with that statement.
(1) In reporting on the annual financial statement of a quoted company, theauditor shall— (a) report to the company’s members on the auditable part of the directors’ remuneration report; and (b) state whether in the auditor's opinion that part of the directors' remuneration report has been properly…
(1) In reporting on the annual financial statement of a company, the company’s auditor shall carry out such investigations as will enable the auditor to form an opinion— (a) whether adequate accounting records have been kept by the company and returns adequate for their audit have been received from…
(1) An auditor of a company— (a) has a right of access at all times to the company's accounting records and financial statements, in whatever form they are held; and (b) may require any of the following persons to provide with such information or explanations as the auditor thinks necessary for carr…
(1) If a parent company has a subsidiary undertaking that is not a body corporate incorporated in Kenya, the auditor of the parent company may require it to obtain information or explanations for the purpose of enabling the auditor to carry out the auditor’s responsibilities from any of the followin…