More changes brought about as a result of The
Companies Act 2006 are due on 6th April. The key provisions will
relate to accounting and reporting, audit and company secretaries.
Medium sized companies will no longer be exempt from providing
consolidated accounts, as this will only apply to small companies. Accounts
and reports of private companies must now be delivered to Companies
House within nine months, rather than ten, of the end of the
relevant accounting reference period. Directors must not
approve accounts unless they give a true and fair account of
the company.
Auditor’s eligibility to be reappointed will become automatic,
unless directors have expressly stated otherwise. The auditors
will also be able to enter into agreements with companies to
limit their own liability.
Company secretaries will no longer be a legal requirement for
private limited companies. However, a firm can still choose
to employ a company secretary, with that person continuing to
work in the same capacity as always, holding the same duties
and responsibilities.
October 2008 will see the final set of changes implemented. |
