[202A. Voluntary revision of defective financial statements, or consolidated financial statements or balance-sheet]

Question 1

[202A. Voluntary revision of defective financial statements, or consolidated financial statements or balance-sheet]

Answer 1

General overview
[202A.01] Before Act No 36 of 2014, there was no enforcement action where defective accounts are detected. After much deliberation, the Steering Committee introduced ss 202A and 202B to provide for a voluntary revision of the financial statements by the directors, and revision by the registrar’s application to court, respectively,: see the Report of the Steering Committee for Review of the Companies Act, April 2011, Chapter 4, paras 137–142.