Day: January 6, 2022

Section 149 of the companies Act Cap 486 states that: (1) Every balance sheet of a company shall give a true and fair view of the state of affairs of the company as at the end of its financial year, Read More …

Section 148 of the companies Act Cap 486 states: (1) The directors of every company shall, at some date not later than eighteen months after the incorporation of the company and subsequently once at least in every calendar year, lay Read More …

Section 147 of the companies Act Cap 486 states: (1) Every company shall cause to be kept in the English language proper books of account with respect to–  All sums of money received and expended by the company and the Read More …

Introduction The chapter details the companies Act Cap 486 requirements on the keeping of accounting records and books by incorporated companies. The accountant and the auditor must familiarize himself or herself with requirements before he/she carries out the audit work. Read More …

Section 162 stipulates that: (1) The auditors shall make a report to the members on the accounts examined by them, and on every balance sheet, every profit and loss account and all group accounts laid before the company in general Read More …

Section 161 of Companies Act Cap 486 states: (1)A person or firm shall not be qualified for appointment as auditor of a company unless he, or in the case of a firm, every partner in the firm is the holder Read More …

Section 160 of the Companies Act Cap 486 states (1) Special notice shall be required for a resolution at a company’s annual general meeting appointing as auditor a person other than a retiring auditor or providing expressly that a retiring Read More …

Section 159 of the companies Act Cap 486 states: (1) Every company shall at each annual general meeting appoint an auditor or auditors to hold office from the conclusion of that, until the conclusion of the next, annual general meeting. Read More …

Introduction Statutory audits are carried out as guided by the rules set out in the Companies Act Cap 486. The topic outlines the rules on the requirement for a company to follow. It outlines the rules on the auditor’s appointment, Read More …

 It is an expensive operation because audit fees and audit expenses are usually too high for small companies. If the report arising out of audit is bad, it can lead to the failure of the business (a qualified report).  An Read More …