- Section 695 of The Companies Act No. 17 of 2015: 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 financial statement of a company.
(2) If it appears to the directors of a company that a document to...
- Section 696 of The Companies Act No. 17 of 2015: 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 been lodged with the Registrar or, in the case of a public company, laid before the company in...
- Section 697 of The Companies Act No. 17 of 2015: 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 satisfactory explanation of the relevant financial statement or directors' report; or
(b) prepared a...
- Section 698 of The Companies Act No. 17 of 2015: 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 directed to ensuring compliance by companies with the requirements of this Act relating to financial...
- 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;...
- Section 700 of The Companies Act No. 17 of 2015: 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 directors’ report complies with the requirements of this Act.
(2) The Cabinet Secretary or...
- Section 701 of The Companies Act No. 17 of 2015: 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 business.
(2) A person in possession of information to which this section applies shall not, during the lifetime...
- Section 702 of The Companies Act No. 17 of 2015: 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 particular business has effect subject to the exceptions specified in subsections (2) to...
- Section 703 of The Companies Act No. 17 of 2015: 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 reports.
(2) A director of a company is liable to compensate the company for any loss suffered by it as a result...
- Section 704 of The Companies Act No. 17 of 2015: 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 financial statements of any description;
(c) the form and content of the financial statements that...
- Section 705 of The Companies Act No. 17 of 2015: 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 company’s return date is—
(a) the anniversary of the company's incorporation; or
(b) if the company's...
- Section 706 of The Companies Act No. 17 of 2015: 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 Office box number is given, the physical address of that office;
(b) the type of company and its...
- Section 707 of The Companies Act No. 17 of 2015: 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 company.
(2) The company shall ensure that the statement of capital states, with respect to its share capital at...
- Section 708 of The Companies Act No. 17 of 2015: 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 in default, commit an offence and on conviction are each liable to a fine not exceeding two hundred...
- Section 709 of The Companies Act No. 17 of 2015: 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 under section 711 or 714; or
(b) is exempt from the requirements of this Part under section...
- Section 710 of The Companies Act No. 17 of 2015: 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 an audit of its financial statements for a financial year.
(2) Such a notice is effective only if...
- 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...
- Section 712 of The Companies Act No. 17 of 2015: 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 of The Companies Act No. 17 of 2015: 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 subsection (2) are satisfied; or (b) subsection (3) applies.
(2) The conditions are—
(a) that the...
- Section 714 of The Companies Act No. 17 of 2015: 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 been dormant since the end of the previous financial year and the conditions in subsection (2) are...
- Section 715 of The Companies Act No. 17 of 2015: 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 e-money issuer; or
(b) a company of any other kind prescribed by the regulations for the purposes of...
- Section 716 of The Companies Act No. 17 of 2015: 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 Auditor General.
(2) In the case of a company that is a parent company or a subsidiary...
- Section 717 of The Companies Act No. 17 of 2015: 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 each financial year for which an auditor or auditors is or are to be appointed (other than the...
- Section 718 of The Companies Act No. 17 of 2015: 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 failure.
(2) As soon as practicable after being notified in accordance with subsection (1),the Registrar...
- Section 719 of The Companies Act No. 17 of 2015: 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 or auditors cease to hold office; and
(b) they cease to hold office at the end of the next period...
- Section 720 of The Companies Act No. 17 of 2015: 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 requisite percentage of the total voting rights of all members who would be entitled to vote on a resolution...
- Section 721 of The Companies Act No. 17 of 2015: 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 statement is unlikely to be required for a particular financial year.
(2) For each financial year for...
- Section 722 of The Companies Act No. 17 of 2015: 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 Cabinet Secretary of the failure.
(2) As soon as practicable after being notified in accordance with...
- Section 723 of The Companies Act No. 17 of 2015: 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 or auditors have ceased to hold office; and
(b) they cease to hold office at the conclusion of the...
- Section 724 of The Companies Act No. 17 of 2015: 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, determine.
(2) If an auditor of a company is appointed by the directors, the directors shallfix the...