Section 676 of The Companies Act No. 17 of 2015: Requirements in connection with publication of statutory financial statement
(1) When publishing its statutory financial statement, a company shall enclosewith or annex to the statement a copy of the auditor’s report on that financial statement, unless the company is exempt from audit and the directors have taken advantage of that exemption.
(2) A company that prepares a statutory group financial statement for a financialyear shall also publish with it its statutory individual financial statement for that year.
(3) A company's statutory financial statement is its financial statement for afinancial year as required to be lodged with the Registrar under section 686.
(4) If a company fails to comply with subsection (1) or (2), the company, andeach officer of the company who is in default, commit an offence and are liable on conviction to a fine not exceeding five hundred thousand shillings.
(5) This section does not apply in relation to the provision by a company of a summary financial statement under section 665.
Enhance Your Research with Bookmarks and Annotations
Here's how you can use these features:
- To bookmark this page, click the "Bookmark this Page" button below the document title.
- To add an annotation, highlight text in the document and select "Add Annotation" from the toolbar that appears.
- These features are great for organizing your research and keeping track of key information.
- You can view and manage your bookmarks and annotations on your Bookmarks and Annotations page.
- Section 677 - Requirements in connection with publication of non-statutory financial statement
(1) If a company publishes a non–statutory financial statement, it shall publish with it a statement indicating—
(a) that it is not the company's statutory financial statement;
(b) whether a...
- Section 678 - Meaning of “publication” in relation to company’s financial statement and reports
For the purposes of sections 675, 676 and 677, a company is taken to have published a financial statement or directors’ report if it publishes, issues or circulates it or otherwise makes it available...
- Section 679 - Public company to present annual financial statement and reports at general meeting of company
(1) The directors of a public company shall present to the members at a generalmeeting of the copies of its annual financial statement and directors’ and other reports.
(2) The directors shall comply...
- Section 680 - Offence for public company to fail to present annual financial statement and reports at general meeting of company
(1) If the requirements of section 679 are not complied with before the end ofthe specified period, every person who immediately before the end of that period was a director of the company commits an...
- Section 681 - Directors of quoted company required to obtain members' approval of directors' remuneration report
(1) The directors of a quoted company shall, before the general meeting at which the financial statement is to be presented, give to the members of the company entitled to be sent notice of the...
- Section 682 - Offence for directors of quoted company to fail to comply with section694
(1) If the directors of a quoted company fail to comply with section 681(1), eachof the directors who is in default, commit an offence and on conviction are each liable to a fine not exceeding five...
- Section 683 - Company’s directors to lodge certain documents with Registrar
(1) The directors of a company shall lodge with the Registrar for each financial year the financial statement and reports required by section 686, 687 or 688.
- Section 684 - Deadline for lodging financial statements with Registrar
(1) The deadline for lodging with the Registrar the documents referred to in section 683(1) is—
(a) for a private company — nine months after the end of the company's relevant accounting reference...
- Section 685 - Calculation of deadline for lodging financial statements with Registrar
(1) This section applies for the purpose of calculating the deadline for lodging a company’s financial statement that is expressed as a specified number of months from a specified date or after the...
- Section 686 - Lodgement requirements for companies subject to small companies regime
(1) The directors of a company that is subject to the small companies regime—
(a) shall lodge with the Registrar for each financial year a copy of a balance sheet drawn up as at the last day of that...
- Section 687 - Lodgement requirements for unquoted companies
(1) The directors of an unquoted company shall lodge with the Registrar foreach financial year of the company a copy of— (a) the company's annual financial statement;
(b) the directors' report;...
- Section 688 - Lodgement requirements for quoted companies
(1) The directors of a quoted company shall lodge with the Registrar for each financial year of the company a copy of—
(a) the company's annual financial statement;
(b) the directors' remuneration...
- Section 689 - Exemption of unlimited companies from requirement to lodge financial statements with Registrar
(1) The directors of an unlimited company are not required to lodge a financial statement with the Registrar in respect of a financial year if at no time during the relevant accounting reference...
- Section 690 - Special auditor's report required if abbreviated financial statement is lodged with Registrar
(1) This section applies when—
(a) the directors of a company lodge an abbreviated financial statement with the Registrar; and
(b) the company is not exempt from audit, or the directors have not...
- Section 691 - Directors of company to approve and sign abbreviated financial statement
(1) An abbreviated financial statement of a company is not valid until it has been approved by the company’s board of directors and signed on behalf of the board by a director of the company.
(2) The...
- Section 692 - Offence to fail to lodge annual financial statement and reports with Registrar
(1) If the requirements of section 683 are not complied with in relation to the lodgement of a company’s financial statement and reports for a financial year before the deadline for lodging them, each...
- Section 693 - Power of the Court to order compliance if annual financial statement or reports not lodged with Registrar
(1) If—
(a) the requirements of section 683 have not been complied with in relation to a company's financial statement or reports for a financial year before the deadline for lodging them with the...
- Section 694 - Company liable to default penalty for failure to lodge annual financial statement and reports with Registrar
(1) A company is liable to a default penalty if the requirements of section 683 are not complied with in relation to lodging the company’s annual financial statement and reports with the Registrar by...
- Section 695 - Voluntary revision of defective financial statements and reports
(1) This section applies to the following documents—(a) the annual financial statement of a company;
(b) a directors' remuneration report;
(c) the directors' report of a company;
(d) a summary...
- Section 696 - Cabinet Secretary may give notice in respect of company's financial statements or reports that are believed to be defective
(1) If—
(a) copies of the financial statement or a directors’ report for a financial year of a company have been sent out under section 662; or
(b) a copy of that financial statement or report has...
- Section 697 - Application to the Court to rectify defective annual financial statement or directors’ report of company
(1) If at the end of the period referred to in section 696(2), or such extended period as the Cabinet Secretary may allow, it appears to that Secretary that the directors have not—
(a) given a...
- Section 698 - Power of Cabinet Secretary to authorise other persons to make application to the Court under section 710
(1) The Cabinet Secretary may, in writing, authorise for the purposes of section697 any person who appears to the Cabinet Secretary—
(a) to have an interest in, and to have satisfactory procedures...
- Section 699 - Power of Kenya Revenue Authority to disclose information to authorised person for certain purposes
(1) The Kenya Revenue Authority may disclose information to the Cabinet
Secretary or a person authorised under section 698 for the purpose of facilitating—
(a) the taking of steps by that person to...
- Section 700 - Power of Cabinet Secretary or authorised person to require documents, information and explanations
(1) This section applies if it appears to the Cabinet Secretary or a person who is authorised under section 698 that there is, or may be, a question whether a company’s annual financial statement or a...
- Section 701 - Restrictions on disclosure of information obtained under compulsory powers
(1) This section applies to information obtained in accordance with a requirement or order under section 700 that relates to the private affairs of a natural person or to any particular...
- Section 702 - Permitted disclosure of information obtained under compulsory powers
(1) The prohibition in section 701 against disclosing information obtained in accordance with a requirement or order under section 700 that relates to the private affairs of a natural person or to any...
- Section 703 - Liability of directors for false or misleading statements in company’s financial statement and reports
(1) This section applies to the following documents—a directors’ report; a directors’ remuneration report; and
a summary financial statement so far as it is derived from either of those...
- Section 704 - Regulations may make further provision about financial statements and reports of companies
The regulations may provide for all or any of the following—
(a) the financial statements that companies are required by this Act to prepare;
(b) the categories of companies required to prepare...
- Section 705 - Duty of company to lodge annual returns with Registrar
(1) Every company shall submit to the Registrar successive annual returnseach of which is made up to a date not later than the date that is from time to time the company’s return date.
(2) The...
- Section 706 - Contents of annual return: general
(1) A company shall ensure that its annual return states the date to which it is made up and contains the following information—
(a) the address of the company's registered office and, if a Post...
- Section 707 - Contents of annual return: information about share capital and shareholders
(1) A company having a share capital shall include in its annual return—(a) a statement of capital; and
(b) the particulars required by subsections (3) to (6) about the members of the...
- Section 708 - Offence for company not to lodge annual return on time, etc
(1) If a company fails to lodge an annual return as required by section 705(1) orlodges an annual return that does not comply with section 705(3), the company, and each officer of the company who is...
- Section 709 - Requirements for auditing financial statements
(1) The directors of a company shall ensure that the company’s annual financial statements for a financial year are audited in accordance with this Part unless the company—
(a) is exempt from audit...
- Section 710 - Right of members to require audit
(1) The members of a company that would otherwise be entitled to exemptionfrom audit under any of the provisions referred to in section 709(1)(a) may by notice under this section require it to obtain...
- Section 711 - Small companies: conditions for exemption from audit
(1) A company that complies with the conditions of subsection (2) in respect of a financial year is exempt from the requirements of this Act relating to the audit of accounts for that year.
(2) The...
- Section 712 - Companies excluded from small companies exemption
A company is not entitled to the exemption conferred by section 711 if it was a public company, or carried on a banking or insurance business, at any time within the relevant financial year.
- Section 713 - Availability of small companies exemption in case of group company
(1) A company is not entitled to the exemption conferred by section 711 in respect of a financial year during any part of which it was a group company unless— (a) the conditions specified in...
- Section 714 - Conditions for exemption from audit for dormant companies
(1) A company is exempt from the requirements of this Act relating to the auditof financial statements in respect of a financial year if—
(a) it has been dormant since its formation; or
(b) it has...
- Section 715 - Companies excluded from dormant companies exemption
A company is not entitled to the exemption conferred by section 714 if it was at any time within the relevant financial year a company that was—
(a) an insurance company, a banking company or an...
- Section 716 - Exemption from audit for non-profit making companies
(1) The requirements of this Part as to audit of financial statements do not apply to a company for a financial year if it is non-profit making and its financial statements are subject to audit by the...
- Section 717 - Appointment of auditors of private company: general
(1) A private company shall appoint an auditor or auditors for each financial year of the company, unless the directors resolve that an audited financial statement is unlikely to be required.
(2) For...
- Section 718 - Appointment of auditors of private company: default power of the Cabinet Secretary
(1) If a private company has failed to appoint an auditor within the period forappointing auditors, the company shall, within seven days after the end of that period, notify the Registrar of the...
- Section 719 - Term of office of auditors of private company
(1) An auditor or auditors of a private company hold office in accordance with the terms of their appointment, subject to the requirements that—
(a) they do not take office until any previous auditor...
- Section 720 - Members of private company may block automatic re-appointment of auditor
(1) An auditor of a private company is not taken to be re–appointed by theoperation of section 719(2) if the company has received notices under this section from members who hold at least the...
- Section 721 - Appointment of auditors of public company: general
(1) A public company is required to have an auditor or auditors for each financial year of the company, unless the directors reasonably resolve otherwise on the ground that an audited financial...
- Section 722 - Appointment of auditors of public company: default power of the Cabinet Secretary
(1) If an auditor or auditors have not been appointed for a public company within the period for appointing auditors, the company shall, within seven days after the end of that period, notify the...
- Section 723 - Term of office of auditors of public company
(1) The auditor or auditors of a public company hold office in accordance withthe terms of their appointment, subject to the requirements that—
(a) they do not take office until the previous auditor...
- Section 724 - Fixing of auditor’s remuneration
(1) If an auditor is appointed by the members of a company, the membersshall fix the auditor’s remuneration, either by ordinary resolution or in such as the members may, by ordinary resolution,...
- Section 725 - Company to disclose terms of audit appointment
(1) A company shall disclose the terms on which the company’s auditor is appointed, remunerated or is required to carry out his or her responsibilities.
(2) In making a disclosure under subsection...
- Section 726 - Regulations to provide for safeguarding disclosure of nature of services provided by company’s auditor
The Cabinet Secretary shall ensure that the regulations provide for safeguarding the disclosure of the nature of any services provided for a company by the company’s auditor, whether in the auditor’s...