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ICAEW Law 05: Companies: incorporation. > 05. Accounts and audit. > Flashcards

05. Accounts and audit. Flashcards

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1
Q

Section 386 of the Companies Act 2006 rquires that every company keeps … accounting records.

A

adequate

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2
Q

Failure to keep adequate accounting records is punishable by up to …

A

10 years imprisonment.

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3
Q

Accounting records for a public company must be kept for …

A

6 years

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4
Q

Accounting records for a private company must be kept for …

A

3 years

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5
Q

Accounting records for a … company must be kept for 6 years.

A

public

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6
Q

Accounting records for a … company must be kept for 3 years.

A

private

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7
Q

The duty to prepare accounts is that of …

A

the directors.

s. 394 CA 2006

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8
Q

Companies act acounts must give a .. view.

A

true and fair

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9
Q

T/F: all companies must prepare a strategic report alongside their annual accounts.

A

FALSE

small companies are exempt.

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10
Q

A public company must file its accounts and reports with the registrar within …

A

6 months

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11
Q

A private company must file its accounts and reports with the registrar within …

A

9 months

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12
Q

A … company must file its accounts and reports with the registrar within 6 months.

A

public

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13
Q

A … company must file its accounts and reports with the registrar within 9 months.

A

private

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14
Q

In addition to filing its accounts and reports with the registrar, a public company must also …

A

lay them before members in general meeting, usually the AGM.

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15
Q

The main types of company that can NOT benefit from audit exemption despite being ‘small’ are …

A

banking and insurance companies.

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16
Q

An audit of an otherwise otherwise exempt company can be demanded by …

A

10% of members representing 10% of issued share capital.

17
Q

T/F: all auditors need to be formally re-appointed every year.

A

FALSE

a private company’s auditors are deemed to be re-appointed.

18
Q

The main audit exemptions: S* D P S

A

SMALL companies

19
Q

The main audit exemptions: S D* P S

A

DORMANT companies

20
Q

The main audit exemptions: S D P* S

A

non-profit-making companies subject to PUBLIC sector audit.

21
Q

The main audit exemptions: S D P S*

A

SUBSIDIARIES whose parent company guarantees their liabilities outstanding at the balance sheet date.

22
Q

The ‘sizes’ of companies in the present UK regime: M* S M L

A

micro-entities

23
Q

The ‘sizes’ of companies in the present UK regime: M S* M L

A

small

24
Q

The ‘sizes’ of companies in the present UK regime: M S M* L

A

medium-sized

25
Q

The ‘sizes’ of companies in the present UK regime: M S M L*

A

large

26
Q

T/F: a company is only deemed to have increased size in the second accounting year in which two criteria have changed.

A

TRUE

27
Q

The ‘sizes’ of companies in the present UK regime.

A

micro-entities, small, medium-sized, large

28
Q

The audit exemption under s.477 of the Companies Act 2006 applies to …

A

small companies

29
Q

Small company maxima.

A

Turnover: £10.2m

Balance sheet: £5.1m

Employees: 50

30
Q

Micro entity maxima.

A

Turnover: £632,000

Balance sheet: £316,000

Employees: 10

31
Q

Medium-sized maxima.

A

Turnover: £36m

Balance sheet: £18m

Employees: 250

32
Q

Employees maxima.

A

10, 50, 250

33
Q

Balance sheet maxima.

A

£316,000, £5.1m, £18m

34
Q

Turnover maxima.

A

£632,000, £10.2m, £36m

35
Q

A strategic report is not required for companies that are …

A

small

36
Q

If the deadline to file limited company accounts falls on a Sunday or Bank Holiday …

A

the accounts must nevertheless be RECEIVED by Companies House BEFORE that date.

37
Q

T/F: micro-entities are not required to file a copy of their profit and loss account.

A

TRUE

they must nevertheless prepare one for members.

38
Q

T/F: small companies are not required to file a copy of their profit and loss account.

A

TRUE

they must nevertheless prepare one for members.

39
Q

T/F: small companies are not required to file a copy of their directors’ report.

A

TRUE

they must nevertheless prepare one for members.

ICAEW Law 05: Companies: incorporation. (6 decks)

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