Section 54, The Companies (Amendment) Act, 2014

Section 288 of the Companies Act, 2009 is amended byinserting the following two new subsections immediately after subsection (5)– “(6) The directors of every company shall ensure all financial statements prepared in respect of the financial year are audited. (7) Notwithstanding Subsection (5), the financial statements of small companies shall not be required to be audited but are to be prepared in accordance with the requirements of this part.” PART XIII –ANNUAL RETURNS