Tutorial 3 - Company Accounts, Audits and CRO Filings

Question 1

s281(AR)

Answer 1

A company has to keep accounting records or cause them to be kept

Question 2

s282(1)

Answer 2

Basic requirements for Accounting Records;
Adequate accounting records are those that are sufficient to:
- Correctly record and explain the transactions of the company,
- Enable, at any time, the assets, liabilities, financial position and profit or loss of the company to be determined with reasonable accuracy
- Enable the directors to ensure that any financial statements of the company, required to be prepared under section 290 or 293, and any directors’ report required to be prepared under section 325, comply with the requirements of this Act and, where applicable, Article 4 of the IAS (International Accounting Standards) Regulation.
- Enable those financial statements of the company so prepared to be audited.

Question 3

s282(2)

Answer 3

• Continuous and consistent basis
• Timely manner
• Bound book or other means
• Falsification precautions

Question 4

s282(3)

Answer 4

• Enter income and expenditure
• Assets and liabilities record

Question 5

Financial Statements - s290(1)

Answer 5

Directors prepare entity FS for the company for each financial year
FS - Summary of the assets, liabilities and financial position of the company alone with p/l since date of previous FS

Question 6

s288(1) and (4)

Answer 6

• No more than 18 months since DoI
• 12 months (7 day MoE)

Question 7

s273 (FS)

Answer 7

Directors - FS with annual returns annexed
- 21 days before AGM (BS/P&L, additional statements; DR)

Question 8

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