Section 402 Companies and Allied Matters Act (CAMA) 2020

Section 402 CAMA 2020

Section 402 Companies and Allied Matters Act is about Exemption from audit requirement. It is under Chapter 15 (Audit) of the Act.

(1) A company is exempt from the requirements of this Act relating to the audit of accounts in respect of a financial year if—

(a) it has not carried on any business since its incorporation ; or

(b) it is a small company within the meaning of section 394.

(2) A company is not entitled to an exemption under subsection (1) if it was at any time within the financial year in question an insurance company, a bank or any other company as may be prescribed by the Commission.

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Section 402 Companies and Allied Matters Act (CAMA) 2020

Section 402 CAMA 2020

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