Section 399 CAMA 2020
Section 399 Companies and Allied Matters Act is about Publication of a bridged financial statements. 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 abridged financial statements, that is to say, any balance sheet or profit and loss account relating to a year of the company or purporting to deal with any such year, otherwise than as part of full financial statements (individual or group) to which section 398 of this Act applies.
(2) The reference in subsection (1) to a balance sheet or profit and loss account, in relation to financial statements published by a holding company,includes, “an account in any form purporting to be a balance sheet or profit and loss account for the group consisting of the holding company and its subsidiaries”.
(3) If the company publishes abridged financial statements, it shall publish with those statements, a statement indicating—
(a) that the statements are not full financial statements ;
(b) whether full individual or full group financial statements according as the abridged statements deal solely with the company’s own affairs or with the affairs of the company and any subsidiaries have been delivered to theCommission or, in the case of an unlimited company exempted under section388 (4), from the requirement to deliver financial statements, that thecompany is so exempted ;
(c) whether the company’s auditors have made a report under section404 on the company’s financial statements for any year with which the abridged financial statements purport to deal ; and
(d) whether any report so made was unqualified (meaning that it was a report, without qualification, to the effect that in the opinion of the person making it, the company’s financial statements had been properly prepared).
(4) Where a company publishes abridged financial statements, it shall not publish with those statements any such report of the auditors as is mentioned in subsection (3) (c).
(5) 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.
