Section 699 of The Companies Act No. 17 of 2015: 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 discover whether there are grounds for making an application to the Court under section 697; or
(b) a decision by the Cabinet Secretary or authorised person whether to make such an application.
(2) This section applies despite any statutory or other restriction on the disclosure of information.
(3) Information disclosed to an authorised person under this section—(a) may not be used except in or in connection with—
(i) taking steps to discover whether there are grounds for making an application to the Court under section 697; or
(ii) deciding whether or not to make such an application, or in, or in connection with, proceedings relating to such an application; and
(b) may not be further disclosed except—
(i) to the person to whom the information relates; or
(ii) in, or in connection with, proceedings on any such application to the Court.
(4) A person who contravenes subsection (3) commits an offence unless the person establishes on a balance of probabilities that the person—
(a) did not know, and had no reason to suspect, that the information had been disclosed under this section; or
(b) took all reasonable steps and exercised all due diligence to avoid the contravention.
(5) A person who is found guilty of an offence under subsection (4) is liable on conviction to a fine not exceeding one million shillings.
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- Section 700 - Power of Cabinet Secretary or authorised person to require documents, information and explanations
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(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...
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(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...
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(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...
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(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...
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(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
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- 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
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(1) An auditor shall make a report to the members of the company on all annualfinancial statements of the company of which copies are, during the auditor’s tenure of office—
(a) in the case of a...
- Section 728 - Auditor's report on directors' report
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(1) In reporting on the annual financial statement of a quoted company, theauditor shall—
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(1) In reporting on the annual financial statement of a company, the company’s auditor shall carry out such investigations as will enable the auditor to form an opinion—
(a) whether adequate...
- Section 731 - Auditor's right to information
(1) An auditor of a company—
(a) has a right of access at all times to the company's accounting records and financial statements, in whatever form they are held; and
(b) may require any of the...
- Section 732 - Auditor's right to information from foreign subsidiaries
(1) If a parent company has a subsidiary undertaking that is not a body corporate incorporated in Kenya, the auditor of the parent company may require it to obtain information or explanations for the...
- Section 733 - Auditor's rights to information: offences
(1) A person who makes a statement, whether oral or written containing information or explanations that the auditor requires, or is entitled to require, under section 731—
(a) knowing that the...
- Section 734 - Auditor's rights in relation to resolutions and meetings
(1) In relation to a written resolution proposed to be agreed to by a privatecompany, the company’s auditor is entitled to receive all such communications relating to the resolution as are required to...
- Section 735 - Auditor to sign and date auditor’s report
(1) Subject to subsection (2), an auditor shall—
(a) sign and date the auditor's report; and
(b) ensure that the auditor's name is prominently displayed in the report.
(2) If the auditor is a firm,...
- Section 736 - Name of auditor to be stated in published copies of auditor’s report
(1) A company shall not publish a copy of an auditor’s report that relates to thecompany unless the copy—
(a) state the name of the auditor and, if the auditor is a firm, the name of the person who...
- Section 737 - Circumstances in which auditors’ names may be omitted from published copies of auditors' report
(1) The auditor’s name and, if the auditor is a firm, the name of the person whosigned the report as senior statutory auditor, may be omitted from—
(a) published copies of the report; and
(b) the...
- Section 738 - Offences in connection with auditor's report
(1) This section applies—
(a) if the auditor is a natural person — to that person and any employee or agent of that person who is eligible for appointment as auditor of the company; and
(b) if the...
- Section 739 - Resolution removing auditor from office
(1) The members of a company may remove an auditor from office at any time.
(2) The power to remove an auditor under subsection (1) is exercisable only(a) by ordinary resolution at a meeting; and...
- Section 740 - Special notice required for resolution removing auditor from office
(1) Special notice is required for a resolution at a general meeting of a company removing an auditor from office.
(2) On receipt of notice of such an intended resolution, the company shall...
- Section 741 - Notice of resolution removing auditor from office
(1) Within fourteen days after a resolution is passed in accordance with section739, the company shall lodge a copy of the resolution with the Registrar for registration.
(2) If a company fails to...
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- Section 743 - Failure to re-appoint auditor: special procedure required for written resolution
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- Section 744 - Failure to re-appoint auditor: special notice required for resolution at general meeting
(1) In this section, “outgoing auditor”—
(a) in relation to a private company—means the auditor of the company whose term of office ended, or is to end, at the end of the period for appointing...
- Section 745 - Resignation of auditor
(1) An auditor of a company may resign from office by lodging a notice to thateffect at the registered office of the company.
(2) The notice is not effective unless it is accompanied by the...
- Section 746 - Notice to Registrar of resignation of auditor
(1) Within fourteen days after an auditor of a company has resigned, the company shall lodge with the Registrar for registration a copy of the notice of resignation.
(2) If a company fails to lodge...
- Section 747 - Rights of resigning auditor
(1) This section applies if an auditor’s notice of resignation is accompanied by a statement of the circumstances connected with the resignation.
(2) A resigning auditor may deposit with the notice...
- Section 748 - Statement by auditor on ceasing to hold office to be lodged with company
(1) If an auditor of an unquoted company ceases for any reason to hold office, the auditor shall lodge at the registered office of the company a statement of the circumstances connected with the...
- Section 749 - Company’s duties in relation to statement
(1) This section applies in respect of a statement lodged under section 748 that states the circumstances in which an auditor of a company ceased to hold office.
(2) Within fourteen days after the...