Section 398 CAMA 2020
Section 398 Companies and Allied Matters Act is about Publication by a company of full individual or group financial statements.Fourth Schedule. It is under Chapter 14 (Financial statements, audit and accounting records) of the Act.
(1) This section applies to the publication by a company of full individual or group financial statements, required by section 388 to be laid before the company in general meeting and delivered to the Commission,including the directors’ report, unless dispensed with under paragraph 3 of the Fourth Schedule to this Act, but does not apply to interim financial statements.
(2) If a company publishes individual financial statements (modified or otherwise) for a year, it shall publish with them the relevant auditors’ report.
(3) If a company required by section 379 to this Act to prepare group financial statements for a year, publishes individual financial statements for that year, it shall also publish with them its group financial statements (which may be modified financial statements but only if the individual financial statements are modified).
(4) If a company publishes group financial statements (modified or not)without its individual financial statements, it shall publish with them the relevant auditors’ report.
(5) References in this section to the relevant auditor’s report are to the auditors’ report under section 404 or, in the case of modified financial statements(individual or group), the auditors’ special report under paragraph 10 of the Sixth Schedule to this Act.
(6) If default is made in complying with any provision of this section, the company and each officer of the company are liable to a penalty as the Commission shall specify in its regulations.
