Clause 128

Subject to subsections (3), (4) and (6), a company that is a small company in respect of a financial year shall be exempt from audit requirements for that financial year.(2) Section 205B(4), (6) and (7) shall apply, with the necessary modifications, to a small company so exempt.(3) Subsection (1) does not apply to a parent company unless the parent company —

is a small company; and

is part of a small group.(4) Subsection (1) does not apply to a subsidiary company unless the subsidiary company —

is a small company; and

is part of a small group. (5) In this section, “small company” and “small group” have the same meanings as in the Thirteenth Schedule.(6) This section shall not apply to a company with respect to its financial statements for a financial year commencing before the date of commencement of section 128 of the Companies (Amendment) Act 2014 and such a company shall prepare its accounts or consolidated accounts and its directors shall lay them at its annual general meeting in accordance with Part VI in force immediately before the date of commencement of section 128 of the Companies (Amendment) Act 2014.(7) Without prejudice to the generality of section 197(2), a company referred to in subsection (6) shall, when lodging a return with the Registrar under section 197, attach a copy of the accounts or consolidated accounts so prepared.”.