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Section 711 of The Companies Act No. 17 of 2015: 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 conditions are—
(a) that the company qualifies as a small company in relation to that year; (b) that its turnover in that year is not more than fifty million shillings; and
(c) that the value of its net assets specified in its balance sheet as at the end of that year is not more than twenty million shillings.
(3) For a period that is a company's financial year but not in fact a year the maximum figure for turnover is to be adjusted proportionately.
(4) For the purposes of this section—
(a) whether a company qualifies as a small company is to be determined in accordance with section 624(1) to (6); and
(b) "balance sheet total" has the same meaning as in subsection (5) of that section.
(5) For the purpose of this section, whether a company qualifies as a small company is to be determined in accordance with section 624(1) to (6).

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Disclaimer: This document is not to be taken as legal advise.

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