Section 205C

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.

Section 205B(4), (6) and (7) applies, with the necessary modifications, to a small company so exempt.

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

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

In this section, “small company” and “small group” have the meanings given in the Thirteenth Schedule.

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.

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.