Does the concept of accountability and transparency apply to all companies regardless of size?

Yes, but the threshold is different. In order to provide a flexible regime that balances accountability and transparency, with a lessened regulatory burden, the Act provides for certain common requirements of all companies and differentiated requirements depending on their wider responsibility to the public and their social and economic impact. The following would illustrate the flexibility:

  • All companies must prepare annual financial statements (AFS), but not all require an audit
  • Public companies would be subjected to a more demanding regime and would also be required to have these AFS audited annually
  • All companies would have to file Annual Returns with the Companies and Intellectual Property Commission
  • Public companies would have to file a copy of their audited AFS with their Annual Return
  • Public companies to appoint Company Secretary [inclusive of a juristic person/partnership], Auditors and Audit committees
  • Certain private companies, which may have a greater responsibility to a wider public as a consequence of their significant social or economic impact may be required to have their AFS audited.
  • All other companies must either be audited voluntarily or independently reviewed.

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